• GTC and Polnord are going to jointly develop a modern mall in Warsaw/p>
• The planned shopping centre will be constructed on a 7 hectare site in Wilanów, one of the most prestigious districts of Warsaw
• Construction is planned to start in H2 2010
Globe Trade Centre S.A. (GTC) and Polnord S.A. (Polnord) have signed a term sheet of a joint venture for the development of a modern shopping centre on a 7 hectare site in Miasteczko Wilanów in Warsaw, currently owned by Polnord. The planned project will have an approximate size of 60.000 sq. m of retail area and an estimated value of over Eur 250m.
The primary catchment area of the mall includes the most affluent housing districts of Warsaw such as Wilanów and Sadyba, as well as prestigious resort area in Konstancin.
“We are pleased to secure Polnord, a company with over 30 years experience in construction business, as our partner in the shopping centre joint venture. GTC will contribute its know-how in design and development of modern malls, as well its well-established relations with key domestic and international retailers. The shopping centre in the southern part of Warsaw will allow its tenants to expand in the area with the highest purchasing power in Poland” – said Eli Alroy, the Chairman of GTC Supervisory Board.
GTC was the developer of Galeria Mokotów in Warsaw – the first and the most prestigious shopping centre in Poland. In Kraków GTC developed Galeria Kazimierz and in October 2009 the company opened Galeria Jurajska in Częstochowa. GTC owns Avenue Mall in Zagreb and three small-size shopping centres in Romania. GTC has also shopping malls under various stages of development in Czech Republic, Romania, Bulgaria and Croatia.
Polnord is one of the most experienced companies in the construction and developer market in Poland, listed on the WSE. It commenced business activity its in 1977 as an export general contractor. Today Polnord is active in residential, office, hotel and retail sectors. The total land bank of the company comprises approximately 1,5 million sqm of building rights.
“The joint venture between GTC and Polnord will create significant value for Wilanów and our shareholders. As a developer of Miasteczko Wilanów we know how much a modern shopping centre is needed in this fast growing housing area. I’m also very pleased with the partnership with GTC as a starting point for future cooperation.” – said Ryszard Krauze, the Chairman of Polnord Supervisory Board.
The construction of the mall in Wilanów is expected to start in H2 2010, after obtaining a building permit.
The final joint venture agreement is expected to be signed in few weeks after completion of the due diligence.
GLOBE TRADE CENTRE S.A. (GTC S.A.) is one of the leading developers in the New Europe and was established in 1994 in Warsaw. Currently it operates in Poland, Hungary, the Czech Republic, Romania, Serbia, Croatia, Slovakia, Bulgaria, Russia and Ukraine.
GTC develops projects and manages completed properties in three key sectors of real estate: office buildings and parks, retail and entertainment centers and residential sector.
GTC has developed about 750 000 sqm of net space and currently is the owner of completed commercial property with a combined net area of about 455 000 sqm. GTC also holds an impressive portfolio of investment at various stages of development which will facilitate the construction of 1.8 million sqm of commercial and residential space. GTC’s total assets exceed EUR 2.6 billion.
GTC’s shares are listed on the Warsaw Stock Exchange on the prestigious WIG20 index. The company’s assets are also included in the international MSCI index and Dow Jones STOXX Eastern Europe 300 index, as well as the GPR250 index which comprises the 250 biggest and most liquid real estate companies of the world. Among GTC’s shareholders are many of the biggest Polish and international institutional investors.