Developer of the year in Central and Southeastern Europe launches first Galleria mall in Romania

  • GTC is launching the first mall of the Galleria shopping center chain in Buzău, Romania.
  • The company will also open Galleria Suceava and Galleria Piatra Neamţ by the end of the year.

On Friday, 26 September 2008, Galleria Buzău, the first modern shopping mall in the city, will be opened to the public. Galleria Buzău will also be the first mall developed by GTC in Romania, as a part of a chain of Galleria shopping centers in Central and Southeastern Europe.

Galleria Buzău is located at 301A Unirii St., an excellent location to serve as the foundation of the city’s future retail destination. The mall, built on a plot of 2.1 ha, will have approximately 14,000 sq m of GLA. The tenant mix consists of more than 60 retailers, including both international and local brands, which will open their shops and service points on the two levels of the mall. An additional attraction will be a multiplex cinema complex with 6 screens, operated by one of the biggest cinema operators in Europe, as well as various restaurants in the food court. Galleria Buzău will also offer its visitors more than 300 parking spaces.

Galleria Buzău will offer mostly commercial spaces of small to medium dimensions, meant to provide a wide range of shopping, from clothing, shoes, gifts and cosmetics to accessories and home decoration.

The inauguration of Galleria Buzău will consist of two parts: the official inauguration, which will take place on Thursday, 25 September, and the public inauguration the next day.

A significant increase of purchasing power in Romania, as well as the low saturation of modern retail space, are considered by GTC’s management the main reason for further expansion. The company intends to develop retail centers in cities with over 75,000 inhabitants. Sites for the first six locations have already been secured (Galleria in Piatra Neamţ and Suceava will be opened by the end of this year), while the acquisition process for the rest of the locations is to be finalized in due course.

GTC has been active in Romania since 1999, developing projects in three main sectors of the real estate market: residential, offices, and shopping centers.

GTC in talks on the interest in Galeria Mokotów

Globe Trade Centre S.A. (“GTC”) reports that it is discussing sale to Unibail Rodamco of 50% shares of Rodamco CH1 Sp. z o.o. (“CH1”), the owner of Galeria Mokotów shopping centre in Warsaw, Poland. Unibail Rodamco is an indirect owner of the remaining 50% of CH1.

In the last years GTC sold selected assets from its investment property portfolio. Such transactions included, among others, the sale of Mokotów Business Park in Warsaw, 50% share in Galeria Kazimierz in Kraków and America House office building in Bucharest. In line with this strategy GTC is now discussing the sale of its 50% interest in Galeria Mokotów shopping centre in Warsaw.

“The transaction will be executed only if the achieved price is attractive to GTC” says Eli Alroy, the Chairman of the Supervisory Board of Globe Trade Centre S.A