You’ve got ECE, HB Reavis, J&T and maybe Ikea all fighting to build a mall in Hradec Kralove. And then there’s Futurum, a shopping mall in the regional Czech city that’s been running for years, which started construction on a 10,000 sqm extension. TK Development is partnered with Heitman Central Europe Property Partners II and GE Real Estate at the mall, which will get an extra 42 shops. 80% of the new space has been pre-leased.
Everywhere you look, it’s just easier to get financing, and tenants, for existing space. It’s always been true, but it’s more obvious these days with new schemes so tough to get off the ground.