King's Street Retail intends to reveal at next week's MAPIC the future expansion program for Magnolia Park in Wroclaw, the largest retail and entertainment center within the Lower Silesia region.
The second phase entails the construction of an additional 10,200 m² in the southeastern part of the scheme, where the Castorama DIY store will be located. A rooftop car park offering approximately 500 spaces is also being added. Construction of this phase is well underway and will be completed in Q1 2012.
The new owner of Magnolia Park, Blackstone Real Estate Group, believes that the full potential of the shopping center has not been realized yet and consequently decided to commence an additional development phase. Detailed plans of the expansion program will be announced at MAPIC, with construction works to be completed by the end of 2013.
"We are excited about the future development of Magnolia Park. Even though it's already the largest shopping center in Lower Silesia, we believe with our investment program we will be able to provide our customers with the ultimate retail experience by offering a wider variety of retail brands and leisure options unmatched in the entire region. We want Magnolia Park to be the dominant retail and entertainment center in Wroclaw," said Paul Heller, Principal at Blackstone.
Magnolia Park is part of the King's Street Retail portfolio of high quality Polish shopping centers. The new platform was set up by the Real Estate Group at Blackstone, the global investment and advisory firm, to invest in well-located Polish shopping malls with a strong mix of diversified tenants, generating high footfall and exhibiting further growth potential.
King's Street Retail will have its official launch at this year's MAPIC exhibition in Cannes. Since October 18, 2011, Magnolia Park has been managed by Master Management Group, a leading retail space manager and developer in Poland. Blackstone has mandated Master Management Group to provide transaction advisory services, property management, as well as leasing services to the properties of King's Street Retail.
Source: Questia sp. z o.o. sp.k.