Globe Trade Centre and Polnord signed a set of agreements on co-ownership of a SPV that will own 7.5 ha of land in Wilanów district of Warsaw. The two companies GTC and Polnord will develop a 60,000 sqm shopping and entertainment center on the plot, currently owned by Polnord. Construction is expected to start within next 12 months, after obtaining a building permit. The total cost of investment, including land, is estimated at €170m.
GTC will have a leading role in the development and management of the project with a full support of Polnord. The value of the mall upon completion is estimated at €250m.