TriGranit hints at huge pipeline
The Hungarian developer TriGranit has announced 10 major investments plans its has for Poland’s largest 10 cities. They are all are large multifunctional building with retail, residential and office components. CEO Sandor Demjan wouldn’t reveal any further details, however, as it could negativley affect negotiations with its partners.
Prokom denies exit rumors
Prokom Investments has announced it intends to increase its shareholding in Polnord beyond its current 35.2% stake. The company’s net profit in 2011 came in at PLN 15.7m, Prokom’s board has let it be known it thinks the company’s share price is under-valued at the moment. The statement was intended to refute rumors that Prokom allegedly wanted to exit from the development company.
Entire city visits mall
If the numbers are to be believed, virtually every resident of the town of Zamość visited Galeria Twierdza during its first weekend of operations. A total of 55,000 people were counted walking through the doors of the newly opened mall, which offers to 24,000 sqm GLA for shoppers.
The supervisory board of the Polish developer Polnord appointed Bartosz Puzdrowski as its new CEO. Puzdrowski replaces Wojciech Ciurzyński who resigned citing health reasons. Before coming to Polnord, which is listed on the Warsaw stock exchange, Puzdrowski was country manager of Avestus Real Estate and investment director at ECE Projektmanagement.
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.
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.