Globe Trade Centre (GTC) and Polnord said today that they signed a term sheet of a joint venture for the development of a modern shopping center on a 7 ha site in Miasteczko Wilanów in Warsaw, currently owned by Polnord. The project will have an approximate size of 60,000 sqm of retail area and an estimated value of over €250m.
The primary catchment area of the mall includes affluent housing districts of Warsaw such as Wilanów and Sadyba. “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.
The construction of the mall in Wilanów is expected to start in H2 2010, once the building permit is secured. The final joint venture agreement is expected to be signed a few weeks after completion of the due diligence.