ARTICLES LABELLED WITH TAG retail

The leasing department of Echo Investment finalised the lease of the last unit just before the opening of an extended part of Galaxy in Szczecin. Echo Investment is responsible for the construction and lease of the facility for EPP which is the owner and manager of Galaxy.

Granit Polus Group has signed a credit agreement of €335 million with a syndicate of Erste Group Bank AG, Erste Bank Hungary Zrt., UniCredit Bank Hungary Zrt., UniCredit SpA and K&H Bank Zrt. in order to refinance existing loans and provide a capex credit line for WestEnd City Center.

The total floorspace in shopping centres across Europe increased by 1.17 million sqm to 160.8 million sqm at the midpoint of 2017, according to Cushman & Wakefield. Since the beginning of 2017, a total of 57,850 sqm of new shopping centre space has been completed in the Czech Republic. The figure includes the extension of IGY České Budějovice by 9,250 sqm, an extension of the Chodov Centre by 35,000 sqm and the newly built Central Jablonec with a floor space of 13,600 sqm. This represents a 67% growth over the previous year. However, the market will deliver markedly less shopping centre space next year. According to current information, just one shopping centre will be completed – the Géčko in Ostrava. By contrast, several major projects will open after 2019.

The developer of Bucharest’s Veranda mall will begin work on expanding it one year after inauguration, zf.ro reports.

Redefine Properties is to expand its Polish property platform with the acquisition of a strategic 25% stake in a €1 billion retail portfolio of 28 assets in Poland. Redefine is co-investing with Pimco and Oaktree Capital Management who will each have 37.5% of the portfolio which is being acquired. Key locations in the portfolio stretch from Warsaw to growing regions across the country like Krakow and Silesia.

NEPI Rockcastle has acquired Alfa Centrum shopping centre in the city of Bialystok in Poland from A-JWK Management sp. z o.o. The aggregate purchase price for Alfa Bialystok was €92.3 million, representing an acquisition yield of approximately 6.7%.

In Q3 the modern retail market in Poland grew by nearly 140,000 sqm of GLA. This is a significant increase as compared to the first half of the year when only a mere 26,000 sqm of GLA within 5 schemes were completed. Notably, the first IKEA store was delivered in Lublin with the residents of Poland’s eastern regions in mind. According to BNP Paribas Real Estate Poland, the end of the year is set to bring more than 200,000 of GLA sqm in new retail projects.

Deutsche Hypothekenbank is financing the Galeria Baltycka shopping centre in Gdansk for real estate company Shopping-Center Galeria Baltycka GmbH und Co. KG sp.K. The financing volume amounts to almost €81 million, of which 50% will remain with Deutsche Hypo on a long-term basis.

NEPI Rockcastle has invested nearly €30 million in the expansion and modernisation of Shopping City Galati and the first brands that will appear following the expansion will be inaugurated on November 16. An additional 21,000 sqm was added to the 27,000 sqm shopping centre.

The Property Management department at BNP Paribas Real Estate Poland ran the rebranding process for the shopping centres that have recently changed hands from Ikea Centres Polska to the Pradera fund. The new name and corporate design can now be seen in Polish and German locations.