Mitiska REIM has secured €44 million development and investment financing with Bank Pekao for the refurbishment of Europa Centralna convenience centre, which is the largest retail redevelopment project currently underway in Poland.
Located on a 22-hectare site in Gliwice, Europa Centralna is the largest retail scheme in the city and surrounding area, with a gross leasable area of 56,242 sqm and parking for 1,800 cars. Mitiska REIM acquired Europa Centralna on behalf of the Merep 3 fund in March 2023, with the European Bank for Reconstruction and Development (EBRD) subsequently joining the investment through a co-investment fund.
The credit facility will finance the transformation plan to turn Europa Centralna into a destination for retail, entertainment and leisure for both the city and the Upper Silesia region. Construction works have already commenced, with JB Development responsible for commercialisation of the project.
The redevelopment is scheduled for completion by mid-2027, which will coincide with the opening of a new theme park being developed by Momentum Leisure on a land plot adjacent to the centre. Europa Centralna remains open for shoppers throughout.
Mateusz Szymczak, Mitiska REIM's Investment Director for Poland, comments: "We see a huge opportunity to transform Europa Centralna through a mix of shopping, entertainment and leisure, all in one destination." Grzegorz Trawiński, Head of Debt Financing Poland at Mitiska REIM, adds: "As a result of this financing, we are able to unlock the full potential and value of Europa Centralna via this redevelopment."
