News Article Karuzela Holding Mitiska REIM Poland retail
by Property Forum | Retail

Belgian real estate fund manager Mitiska REIM and Polish developer Karuzela Holding have opened a retail park in Puławy following the conversion of a former Tesco hypermarket on the site.

Karuzela Puławy, which is situated next to a Leroy Merlin store and a McDonald’s restaurant in the eastern Polish city, comprises 14,100 sqm GLA with 20 retail units and parking for 500 vehicles. Tenants include grocery anchor Netto, Action, Jysk, Kik, Tedi, CCC and Media Expert.

The retail park has been developed on behalf of the First Retail International 2 fund (FRI 2) in a joint venture with Karuzela Holding, while financing has been provided by mBank.

"By spotting the opportunity to repurpose an existing hypermarket, we have been able to take advantage of the existing zoning and trading history of the site to create a new convenience retail centre for both the city and the surrounding area", commented Grzegorz Pekalski, a board member of Karuzela Holding

The retail park has been developed to meet BREEAM ‘Very Good’ certification standards.

Mitiska REIM and Karuzela Holding have a current portfolio in Poland of five standing assets and eight development projects, with a combined 160,000 sqm GLA. This year, two more development projects are scheduled to open – in Wągrowiec and Kołobrzeg.