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Develia SA has entered into a preliminary agreement to acquire 100 per cent stake in Stocznia Cesarska Development from Gdansk Development Holding N.V.. The project is located on the historic former Imperial Shipyard land in Gdansk and has the capacity to support at least 3,000 residential units along with commercial space. The deal value is linked to a property valuation of 550 million zlotys, subject to debt adjustments. The transaction remains conditional on regulatory approvals, including clearance from the maritime economy authority.
Develia SA stated in the past week that it had signed a preliminary agreement to acquire a 100 per cent stake in Stocznia Cesarska Development from Gdansk Development Holding N.V.. The acquisition is part of the company's strategy to expand its residential development pipeline in key urban locations. Advertisement
The company highlighted that Stocznia Cesarska Development holds perpetual usufruct rights to real estate located on the site of the former Imperial Shipyard in Gdansk. This historic waterfront area has been undergoing gradual transformation into a mixed-use district, making it a significant redevelopment opportunity.
As per the agreed terms, the transaction value will be based on a property valuation of 550 million zlotys. The final consideration will be reduced by the financial debt owed by Stocznia Cesarska Development to the seller under intra-group loans, along with other standard price adjustments. This structure is commonly used in large real estate transactions to reflect net asset value more accurately.
The project has the potential to deliver at least 3,000 residential apartments, along with additional commercial units. Industry observers note that such large-scale mixed-use developments are increasingly being planned in European port cities, where redevelopment of former industrial land is gaining momentum.
The agreement remains conditional and is subject to several approvals, including consent from the minister responsible for maritime economy. Regulatory clearance is particularly relevant due to the strategic nature of the land and its historical use as part of a shipyard.
Develia has previously focused on residential and mixed-use projects across major Polish cities, and this acquisition aligns with its approach of securing large land banks for long-term development. The Gdansk waterfront project is expected to strengthen its portfolio, especially in cities with strong housing demand and tourism-driven commercial potential.
Source Reuters
5th Jun, 2025
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