On July 28, 2011, the IMMOFINANZ Group acquired a shopping center development site at a top inner-city location in Lublin.
This university seat with roughly 350,000 residents is one of the 10 largest cities in Poland. The development project is centrally situated across from Lublin Castle, within easy walking distance of the historic old city. In Poland this project is known under the name Galeria Zamek. The parties have agreed not to disclose any information on the purchase price for the transaction.
With the acquisition of this 29,297-m² site, the IMMOFINANZ Group has taken another important step in developing its own projects in this country following the expansion of the Silesia Shopping Center in Katowice (southern Poland).
"In 2011 Poland again confirmed its standing as an economic driver for both the CEE region and the EU. This position is reflected, among others, in the sound growth of the retail sector and the resulting increase in activity by international retail chains.
"Against this backdrop, the successful conclusion of the Lublin contract and our planned shopping center project represent an important milestone," commented Eduard Zehetner, Chief Executive Officer of the IMMOFINANZ Group, on this transaction.
The IMMOFINANZ Group plans to develop a premium shopping center in Lublin for a catchment area of more than 920,000 residents. This facility will bring fresh wind to the inner city of Lublin with its location perfect for private vehicle traffic and good connections to the public transportation network and with its architectural design.
The IMMOFINANZ Group is currently negotiating with the city of Lublin to amend the existing building permit in order to meet the requirements for a high-quality class-A shopping center. The company expects to start construction in spring 2012, with the opening planned for 2013.
Source: Accedo Group