It was a good MAPIC for Central European projects, at least when it comes to the awards that were handed out. First, Ballymore’s project in Bratislava, Eurovea, took the Best New Retail Development prize, to the delight of Mike de Mug who was on hand to collect the trophy. Eurovea, of course, won a slew of prizes at the CIJ Awards in Bratislava in 2010. Then to drive the Central European point home, Echo picked up the top honors in the Best Refurbished Development for Galeria Echo. An enthusiastic Marcin Materny did the honors for the Polish developer.
Helios, Poland’s number three cinema operator, has signed a lease contract with Echo Investment for a 1,233 seat multiplex cinema in the Galeria Olimpia shopping center in Bełchatów. The two companies have a bit of history, as Helios already operates a 7-screen cinema in in Galeria Echo of Kielce. Galeria Olimpia, Echo’s latest scheme, is a 30,500 sqm retail development housing 80 stores with 1,100 parking places. The general contractor for the project is Mostostal-Warszawa which says it expects a profit of PLN 80m on the contract. The investment is expected to be delivered in August 2012.
Echo building outlet scheme
Echo Investment has begun construction on its newest retail scheme, Outlet Park Szczecin, which it claims is the first outlet center in western Poland. Along with 70 stores, the project will include a Helios cinema and an electronics store, to be delivered in the first half of 2012. A further 60 units should be added in its second phase, which will bring the total GLA to 24,000 sqm. Echo claims the first phase is now 50% leased.
National Stadium delays
Design errors for the electronics system mean that the National Stadium won’t be delivered on time, with the completion date not expected before March 2012. According to daily Dziennik Gazeta Prawna, the National Sports Center has accused the consortium of contractors for not fulfilling its contractual obligations, while the builders (Alpine Bau, PBG and Hydrobudowa) has shot back saying the investor should take the blame. The paper writes that with huge financial penalties and careers on the line, the stakes are high.
Rank Progress plans
This year developer intends to deliver three new retail developments this year, while starting work on two others schemes. Rank Progress has also purchased three plots of land in Olsztyn, Kielce and Warsaw, on which it plans to develop 30,000 sqm shopping centers. The company is aiming to deliver from three to four schemes each year says Jan Mroczek, chairman of Rank Progress.
Echo Investment has obtained a building permit for Galeria Veneda in Łomża, in northeastern Poland. Construction work on the 16,000 sqm project is going to start “as soon as the building permit comes into force,” according to the Warsaw-listed developer.
On delivery at the end of 2012, Galeria Venda will offer 80 outlets, including food court and a Tesco hypermarket of 7,500 sqm. There will be 600 parking spaces as well.
The architectural concept of the building has been created in the Mąka Sojka Architekci architectural studio from Warsaw in cooperation with Echo Investment architects.
Warsaw-listed developer Echo Investment has agreed preliminarily to sell its freshly delivered Avatar office project in Kraków to Azora International Group. The value of the agreement is €30.5m. The deal will be finalized by the end of 2010. Echo Investment was represented by Jones Lang LaSalle in the sale process.
In agreeing the Avatar sale, Echo fulfills its sales plans that it made public in June and on which CiJ reported in its summer issue.
Avatar is a modern, 9-storey, class ‘A’ office building located in the western part of Kraków (the Bronowice district) on one of the main lines of communication in the city – Armii Krajowej street. There are over 11,000 sqm of office space available in the building and a total of over 260 parking spaces.
DDJM Biuro Architektoniczne designed the building. Its construction started in late 2008 and finished in Q2 2010.
Echo Investment has resumed its residential project “Kasztanowa Aleja” in Poznań.
Kasztanowa Aleja will consist of two independent buildings with yards, green areas and a playground for children. It will offer 282 apartments, 37 to 94 square meters in size, with gardens, balconies and terraces. More demanding customers will be able to choose to combine adjacent premises. Special arrangements will be available for the apartments on the top floors, including terraces of up to 150 sqm.
Prices of apartments range from PLN 6,070 (€2,100) to PLN 9,238 (€2,370) per sqm.
Studio Lisiak of Poznań did the architectural design of the project, and Warbud is the general contractor. The site has already been handed over to the general contractor. The anticipated completion date of the first stage of this project is in the 3rd quarter of 2011.
Echo Investment has secured another loan, following last week’s news about Park Postępu.
The company concluded an agreement with Westdeutsche Immobilienbank, worth €31,785m, with which Echo will finance its office complex Malta Office Park in Poznań.
Echo says a portion of the funds will be for refinancing its expenditures on the first stage of Malta Office Park. The remainder will go toward construction costs of the project’s next phase, along with financing some of Echo’s current activities. The loan is to be paid back within 63 months.