Immofinanz Group has purchased a 29,297 sqm development site in Lublin where a project known as Galeria Zamek is expected to be built. It’s another significant step up the risk ladder for the investor, which had previously expanded the Silesia Shopping Center in Katowice.
“In 2011 Poland again confirmed its standing as an economic driver for both the CEE region and the EU,” said Eduard Zehetner, CEO of Immofinanz Group. “This position is reflected, among others, in the sound growth of the retail sector and the resulting increase in activity by international retail chains.
Immofinanz is currently in discussions with Lublin officials to amend the project’s building permit. Construction should start by spring 2012.