Opening of Galeria Kazimierz in Kraków

The opening ceremony of Galeria Kazimierz in Kraków is to take place on 16th March 2005. The investor in this modern shopping & entertainment centre, Globe Trade Centre S.A. (GTC), is one of the leading developers in Central & Eastern Europe.

Costing 70 million Euro, Galeria Kazimierz represents GTC’s largest investment in Kraków. After Galeria Mokotów in Warsaw, it is also the company’s second modern shopping & entertainment centre in Poland. Kazimierz, with a total area of 36,200 sq. m., has more than 160 brand-name shops (including the first 2-level H&M store in Kraków), numerous service outlets, an Alma Market delicatessen, and various entertainment facilities, which include a state-of-the-art 10-screen Cinema City multiplex cinema. Customers of Galeria Kazimierz have access to a comfortable car park with 1,800 spaces.
Galeria Kazimierz was built within 14 months. The construction work involved more than 1,000 workers and many Kraków-based firms.

Attractive location
Galeria Kazimierz is situated in the scenic surroundings of the western bank of the Vistula river, at ul. Podgórska 34, in the Grzegórzki district, in the vicinity of the fascinating Kazimierz part of town. There is a newly-built bridge nearby, ‘Most Kotlarski’, and getting to the shopping centre from Stare Miasto (the Old Town) takes less than a quarter of an hour on foot and 5 minutes by car. Thanks to such a favourable location, Galeria Kazimierz is very likely to become an important and frequently visited focal point on the map of Kraków.

Unique architecture
Galeria Kazimierz is a development in which the interior design, lighting and architectural style in general play a vital role in giving visitors a memorable experience. The project was developed by a team at the Kraków-based architects IBM Asymetria, which, in accordance with guidelines from GTC, strived to generate harmony between the new building, and the unique atmosphere and landscape of the city, which is the former capital of Poland.
“We wanted to combine tradition with modernity in Galeria Kazimierz’s design. We have managed to do so by preserving and restoring the historic tenement blocks located at the junction of ul. Daszyńskiego and ul. Podgórska. As they are unique in character, and form an integral part of the city, they are undoubtedly the highlight of any visit,” explains Witold Gilewicz from IBM Asymetria. “The original stained glass window, which carries the Galeria Kazimierz logo, and its simple, user-friendly interior design, add to the centre’s sense of modernity and unquestionable charm,” he adds.
The expertise of specialists in the field of shopping centre design were instrumental in the development of Galeria Kazimierz. They included the international architects HOK, as well as Leigh Speakman, an architectural consultant.
The combination of historical architecture and a distinct design led to the creation of a new formula in the development of commercial real estate. This intention is for Galeria Kazimierz to become not only a place to do one’s shopping, but also a place to be entertained and to enjoy one’s free time in the many cafes and restaurants. Concerts, exhibitions and shows are to be arranged in Plac Historyczny (the Historic Square), a unique venue which is enclosed by historical tenements.
”We hope that Galeria Kazimierz will become the favourite shopping centre for Kraków’s inhabitants. We have done our best to bring not only an attractive range of shops, but also an original design which is in keeping with Kraków’s exceptional nature,” says Rafał Elżanowski, GTC Galeria Kazimierz’s Managing Director.

Something for everyone
Galeria Kazimierz offers a broad range of Polish and international brands. The hugely popular Hennes & Mauritz is set to open its first outlet in Kraków (on 2 levels, with an area of 1,800 sq. m.), whist a C & A store will be 1,300 sq. m. Other large shops will be Zara: (1,600 sq. m., on 2 levels), Reserved (1,300 sq. m.), New Yorker (900 sq. m.), Cubus (700 sq. m) and Carry (600 sq. m.). Yet more brands to be present include: Carlings, Cropp, Bata, Diverse, Gino Rossi, Ecco, Esprit, House of Colors, Jacqueline Riu, Molton, Orsay, Pepe Jeans, Pierre Cardin, Promod, Reporter, Solar, Springfield, Tatuum, Tally Weijl, Top Secret, Vistula, Sisley, Benetton, Big Star, His, Lee, Levi’s and Wrangler. Fans of exclusive brands will also have also a lot to choose from: Hugo Boss, Henri Lloyd, Mount Blanc, Samsonite, Kobe, Apart, Timberland and Hexeline. The sporty amongst us will enjoy visiting the Active sports shop, which offers such well-known brands as Adidas, Nike and Reebok, and there will be Puma, New Balance and Athlete’s Foot outlets too.

The Kraków-based delicatessen, Alma Market, will open its flagship store, which will have an area of 3,000 sq. m, whilst an impressive selection of books, international newspapers, CDs, DVDs and VHS videos can be found in EMPiK. For those looking for the latest televisions, radios and other domestic electric appliances, the Euro RTV AGD store will offer a wide range of products. The pharmacy chain, Superpharm, and the well known perfume stores, Marionnaud and Sephora, will be opening outlets, and of course everyone visiting Galeria Kazimierz will be able to eat and drink in the numerous cafes and restaurants, which include Jeff’s and Sami Swoi – serving American and Polish dishes, respectively.
“Galeria Kazimierz has already leased out 95 % of its retail space before the opening day. We are very glad that so many companies decided to open their outlets in our mall. Some brands, for example H & M or C & A, are even opening their first shops in Kraków,” comments Monika Janczewska, the Sales Manager at GTC Galeria Kazimierz, underlining that “Every one will find something interesting in Galeria Kazimierz.”

State-of-the-art. technology
Galeria Kazimierz can be ranked as a European-class shopping centres, and is one of the most creative concepts on the commercial market. The mall uses the modern technology, which in turn provides the highest standards of safety and comfort. There is a BMS (Building Management System) in Galeria Kazimierz, i.e. a superior control system that manages a multitude of systems within the building, including the air-conditioning, lighting and fire alarm systems and sprinklers. As well as monitoring all the heating pumps, it also watches over the current consumption of water, electricity and heat in order to use them more efficiently, whilst providing the highest levels of comfort. Each and every device is equipped with its own control unit, and all of these are linked up to the control room. Four BMS control panels are equipped with 42-inch high quality LCD displays.
Efficiency of energy consumption has been a special feature of the Galeria Kazimierz project.
In winter the heating system makes use predominantly of the heat emitted by the building itself (for example from the lighting systems), by recovering warmth that is lost through the ventilation system. This equipment, along with the air-conditioning, with its capacity for handling 700,000 cu m of air per hour, co-operates with the heating pumps fitted in each shop.
The cooling capacity of the system in summer amounts to 6.5 MW.
There is also an economical, “intelligent” lighting system in Galeria Kazimierz which, thanks to special sensors, mixes day light with artificial light in an effective manner. The electronic starter ensures both low energy consumption and high durability. Both lighting and heating systems are monitored by a central computer, with every single failure being reported instantly by means of an alarm signal.

Galeria Kazimierz meets all the latest fire safety standards, and is equipped with anti-smoke systems that blow fresh air into the emergency exits.

“When developing Galeria Kazimierz we took advantage of state-of-the-art technology in order to ensure our clients, and all local inhabitants, the highest safety standards and comfort levels. Out of concern for nearby residents we used special noise-reducing roller blinds on the car park,” underlines Rafał Elżanowski, GTC Galeria Kazimierz’s Managing Director.

Tram lines: 1,7,9,14,22 to Rondo Grzegórzeckiego
Tram lines: 3,9,11,13,24 to ul. Starowiślna
Bus lines: 115, 125, 128, 425 to Rondo Grzegórzeckiego

Opening hours
Monday – Saturday: 10 – 22
Sunday: 10 – 20

Dynamic development in Central & Eastern Europe

Globe Trade Centre S.A. plans to double the leasable area of its commercial real estate by the end of 2007. The move will enable it to take up the position of leading developer in Central & Eastern Europe.

Central & Eastern Europe’s attractive markets

Globe Trade Centre S.A. (GTC) initially focused its operations on Poland. Its most important investments in the country include: Galeria Mokotów, Galeria Kazimierz and Mokotów Business Park. By the end of 2004 the company had developed commercial and residential projects representing 300,000 sq. m. of space.
Currently, Galeria Kazimierz in Kraków has just been completed; two new office buildings in Warsaw, Allianz and Topaz, are under construction, as is the next phase of Osiedle Konstacja (a residential development). New projects that are due to be started very soon include Platinum Business Park in the Warsaw district of Mokotów and Globis Wrocław.
In accordance with the strategy that GTC’s management adopted, expansion beyond Poland, and establishing a strong position in the lucrative Central & Eastern European market, were consistent steps towards further expansion as well as diversification of income. According to Dr. Andreas Ridder, the regional managing director of CB Richard Ellis, in 2004 investment volumes in 6 countries of our region (Poland, Hungary, the Czech Republic, Romania, Slovakia and Russia) reached 3.9 billion Euro, i.e. an increase of more than 50 % compared with the previous year. “There are some very active international real estate funds in these countries. For the moment, yields in the region are superior to those in Western Europe,” says Dr Ridder

Goal – regional expansion
“Since its stock exchange debut last year, GTC has transformed itself from a company solely operating in Poland, into one of the most important players on the Central & Eastern European real estate market. Our goal is further expansion in Poland, Hungary, the Czech Republic, Romania, Serbia and Croatia, as well as in other new markets of the region,” says Eli Alroy, the Chairman of GTC’s Supervisory Board. In order to reach that goal the company is planning both further organic development and possible joint-ventures with local partners, or indeed acquisitions of real estate portfolios. Each of GTC’s projects is being developed by hand-picked teams of specialists that operate in all countries in which the company is present. Eli Alroy says of GTC’s operations, “Our structural capabilities enable us to meet our goals, whilst achieving cost reductions through economies of scale.”

Strong finances

GTC is able to finance its international expansion thanks to, amongst others, resources obtained through its stock market flotation in 2004, which brought the company $ 86 million. Additionally, a very profitable 2004 has provided a further boost to the company’s financial resources. GTC’s net income came to $ 40.6 million, an increase of more than 60 % on the previous year. The company’s total assets rose in value from $ 520 million at the end of 2003 to $ 846 million by the end of 2004. “Our results in 2004 show that the company has the financial capabilities needed to carry out its expansion strategy throughout Central & Eastern Europe,” declared Erez Boniel, GTC’s Chief Financial Officer.

The most important projects under development in Central & Eastern Europe

Galeria Kazimierz (Kraków) – A shopping & entertainment centre with a total area of 57,000 sq. m. (a net rentable area of 36,200 sq. m.). The opening ceremony is due to take place on 16th March 2005. At present more than 90 % of its area has been leased. The key lessees include: Cinema City, Alma Market, Euro AGD RTV, Zara, Cubus, H&M, Reserved and C&A.

Osiedle Konstancja (Warsaw) – The second phase of this residential estate is due to be completed in the third quarter of 2005. At present more than 40% of the houses have been sold.

Allianz (Warsaw) – An office building with a net rentable area of 11,800 sq. m. It is due to be completed in the fourth quarter of 2005. The building has been 100% leased by the Allianz Group for 10 years.

Topaz (Warsaw) – Construction of this office building, with a total net rentable area of 29,700 sq. m, (in two phases – 11,700 sq. m. and 18,000 sq. m.) is to begin at the end of 2005 and be completed in the fourth quarter of 2007. 40% of building A has already been leased by Roche.

Okęcie Business Park (Warsaw) – An office complex located in the vicinity of Okęcie International Airport, which comprises of 6 buildings with a total net rentable area of more than 51,000 sq. m. The first building is due to be completed in 2006.

Platinum Business Park (Warsaw) – An office complex in the vicinity of Mokotów Business Park, with a total net rentable area of 27,000 sq. m. It is to be completed in 2008.

Wega (Warsaw) – The 10th building within the largest office complex in Poland – Mokotów Business Park. Its net rentable area amounts to 18,500 sq. m. It is due to be completed in 2008.

Globis (Wrocław) – An A-class office building with a total net rentable area of 12,000 sq. m. Globis will be completed in 2006.

Hungary (Budapest)
Center Point 2 – The Second phase of this modern office complex. The net rentable area comes to 23,000 sq. m. (7,000 sq. m. rented by Exxon Mobil). Completion is expected for the first quarter of 2006.

Riverloft – 180 high-standard apartments, of which 60 were sold after only one month on sale. Completion – 2006.

11th District – 10 ha of land (105,000 sq. m.) have been acquired, and are destined to become a new residential district. The project is due to be developed in phases – the first being completed in 2007.

Romania (Bucharest)
America House – An office building in the city core with a total net rentable area of 27,000 sq. m. Construction has just started, and completion is planned for the first quarter of 2006.

Lake Side Mall – A shopping & entertainment centre of comparable size to Galeria Mokotów, i.e. 54,000 sq. m. of net rentable area. The opening ceremony is due to take place in the fourth quarter of 2007.

Serbia (Belgrade)

GTC House – An A-class office building with a net rentable area of 13,500 sq. m., of which 80% has been pre-leased (the anchor tenant is Raiffeisen Bank with 6,000 sq. m.). Completion is expected for the first quarter of 2005.

Block 19a – An office/residential complex (16,700 sq. m. of office area and 13,000 sq. m. of housing). The project is to start in the third quarter of 2005. Completion scheduled for 2006/2007.

The Czech Republic (Prague)
Holesovice – An office/residential complex with a total net rentable area of 215,000 sq. m. It is to be developed in several phases, with the first (100 apartments) beginning this year.

Jarov – A residential complex consisting of 1,100 apartments. The first phase (more than 15,500 sq. m.) is to be completed in 2006.

Croatia (Zagreb)
New Zagreb Shopping Centre – 26,000 sq. m. of net leasable area plus 6,000 sq. m. of offices. The project is due to be completed in 2007.