IMMOFINANZ Group starts retail development project in Poland (PL)

IMMOFINANZ Group presented its next retail development project in Poland: A state-of-the-art high-quality shopping center will be created in the middle of the Lublin City Center, close to the historic castle. Tarasy Zamkowe - previously known as Galeria Zamek - will become an exciting shopping, entertainment, recreation and leisure facility as well as an integral part of the existing inner city attractions.

The signs are promising: The interest of local, national and international retailers for sales areas is exceptionally high. The leasable area will amount to 37,000 m², offering space for about 150 shops. Construction works will start in October, and the opening is scheduled for autumn 2014. The total investment for this project will amount to approximately €115 million (PLN 480 million).

"Lublin is a promising retail market with 350,000 residents and a total catchment area of 800,000. This fact - together with the strong economic power of the city of Lublin and the low retail density - influenced our decision to buy the former Galeria Zamek site last year.

"In order to create a shopping mall that fits perfectly into the townscape and offers a unique shopping and entertainment experience, we revised the original design to include the latest retail development trends", commented Eduard Zehetner, Chief Executive Officer of IMMOFINANZ Group - one of the leading real estate investors and developers in Europe.

"We are very pleased that our efforts to build a state-of-the-art retail property were rewarded by the local authorities and that we will be able to start construction works within the next few weeks. Following the successful extension of the Silesia City Center and the recent start of our first residential development project, Debowe Tarasy, both in Katowice, Tarasy Zamkowe represents another important development in Poland - a promising market where we plan to further intensify our activities."

Tarasy Zamkowe is projected to accommodate about 150 retail units, three restaurants as well as numerous cafes and food court units. The floor area totals 104,000 m²: 37,000 m² dedicated to leasable area, 23,000 m² to public space and plant room and 44,000 m² to underground parking. Three levels will provide 1,000 convenient parking spaces. Located between Aleje Unii Lubelskiej and Tysiàclecia, the new shopping center will also be easily accessible by public transport, bicycle or foot.

IMMOFINANZ Group is already in intensive negotiations with international, national and local retailers. The demand for quality retail space in Tarasy Zamkowe is very high. Thus, Tarasy Zamkowe will offer a well-balanced tenant mix including many well-known brands - some of which are currently not available in the Lublin region.

Tarasy Zamkowe will be a high-tech shopping centre, shaped as a triangle with a square on each corner. The idea of the project reflects modern rules of environmentally friendly creativity. It is the synthesis of an ecological approach to the landscape and high tech building engineering. "The current global crisis in ecology and power makes two tasks stand out in the work of architects: to strengthen cultural and environmental identity and to optimize energy consumption in buildings.

"These two objectives represent the foundation for the investor's designs of Tarasy Zamkowe", commented Boleslaw Stelmach, architect of the shopping and recreational center. "Sustainable design will allow for a symbiosis of cultural and natural heritage in line with energy efficiency."

Prof. Zbigniew Myczkowski, member of the Committee of Architecture and Urbanisation in Kraków, confirmed the positive value for the local community: "The solutions chosen for the project are hypermodern and create an unquestionable aesthetic value - they form a harmonious connection between the building's structure and the natural landscape. The fifth elevation - the composition of the roof with natural elements that are in harmony with the building construction - horizontally, diagonally and in inclined plane - is the organ

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