NEPI Rockcastle is expanding its 70,000 sqm Karolinka Shopping Centre in Opole, southwest Poland, close to the Czech border. The 11,000 sqm extension and partial redevelopment will add 30 retail units and a new underground car park, while the entire façade will be modernised to blend the new and existing buildings. Building permits have been granted and construction is expected to start later this autumn. The new units are designed to attract fashion retailers not yet present in the region due to a lack of suitable space, and NEPI Rockcastle is in advanced talks with several brands looking to secure leases in the extension.
"Our investment to increase the retail space and upgrade the Karolinka Shopping Centre stems directly from strong market demand. We are creating modern spaces for brands that have not yet secured an appropriate location for their debut in the city," said Paulina Kurdziel-Świeczka, Asset Manager at NEPI Rockcastle. Marius Barbu, Chief Operating Officer at NEPI Rockcastle, added: "Portfolio optimisation is a core pillar of our growth strategy. Modernising and expanding our shopping centres ensures our destinations continue to meet the needs of local and regional markets and delivers increased operating income from the new floor space."
Karolinka is the largest retail complex in Opole, located 3 km from the city centre. The mall offers 170 shops and service points, from grocery stores to home furnishings, fashion and accessories, plus over 2,500 parking spaces. Its open-air and covered format attracts customers from a catchment area of nearly 235,000 people within a 30-minute drive.
NEPI Rockcastle is Europe's third-largest listed retail real estate company by investment portfolio value and the largest owner, operator and developer of shopping centres in Central and Eastern Europe. Its €8.2 billion portfolio spans eight CEE countries and includes 60 properties, with a development pipeline of over €840 million in total investments.
