JLL supports Peakside in sale of Plaza Gallery in Krakow
Peakside has completed the sale of eight hectares of land, including the Plaza Gallery building, to STRABAG RE. JLL advisors supported the vendor.
The transaction between Peakside Capital Advisors and STRABAG Real Estate concerned an eight-hectare site in Krakow's Dąbie district. The plot includes the former Plaza shopping centre building along with green areas and a pond. This location is within easy reach of the city center, and guarantees great investment potential as well as excellent exposure.
The site is located at the intersection of Pokoju Avenue and Stanisław Lem Street –Krakow’s main arterial routes. Furthermore, trams and bus stops are located nearby, with the city center, the Old Town, and the Main Railway Station only 15 minutes away. The plot is surrounded by commercial and service buildings, residential buildings, and hotels. An additional advantage is the plot’s close proximity to green areas such as the Polish Aviators' Park and the green boulevards on the Vistula River.
The new owner, STRABAG Real Estate, has announced its intention to demolish the shopping mall and construct new buildings in its place. The plot in Dąbie is an ideal location for a mixed-use investment that will complement the surrounding infrastructure and foster the development of the district in line with the 15-minute city concept.
”Year by year it becomes more and more difficult to find an attractive plot of land for development in Krakow, especially if the investor is looking for a plot of such significant size. The property sold by our client is covered by the local masterplan allowing for the development of commercial services. This gives the purchaser a wide range of possibilities as to the choice of the development project. Additionally, an exceptionally good location makes it an ideal place for a multi-functional complex including apartments for rent, commercial and service premises, and offices. Opportunities to acquire such attractive land are rare on the market. We are glad that we could support Peakside Capital Advisors in this unique transaction", comments Joanna Kieszczyńska, Director, Land and Medium-Size Investments, JLL.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.