NoVa Park Commercial Centre is completed (PL)

NoVa Park Commercial Centre, the largest shopping and recreational center in the Lubuski region located in northwestern Poland, opened on April 18, 2012, as part of a joint project between the Hungarian Futureal Group, an important player on the European market, and the Irish Caelum Development, with an extensive track record in Poland.

The NoVa Park Commercial Centre was completed as a joint venture between the Futureal Group and Caelum Development over a period of 17 months. The project was initially launched by Caelum Development, which has an extensive track record and numerous completed retail developments, and was joined by Futureal Group as a development partner in the first half of 2011. This is the first project to be completed in the context of its Partnership Programme in Poland.

"As the protracted crisis was a setback for property development, in 2011 we decided to take on a different approach. Contrary to our competitors, instead of putting our activities on hold and letting go of our workforce, we went against the grain. As a company with a strong capital background and a firm belief in the future of property development, we launched our Partnership Programme, seeking out projects with excellent business potential but facing funding difficulties or lacking adequate professional background.

"We are planning to invest €100 million in the region, and while we will focus mainly on Hungary, Poland and Romania, we do not exclude any other opportunities within the region. Our team of 100 highly qualified professionals enables us to ensure the professional background for the developments, and within the framework of the partnership we also provide temporary funding for projects.

"News of the initiative spread quickly across the industry, and we received a great number of inquiries in relation to projects of various sizes and types. Our experts performed due diligence on numerous development projects based on strict financial and technical criteria, with Nova Park being the first truly promising program showing great potential, straight from the outset of the negotiations, both in terms of its investor background and its concept.

"NoVa Park Commercial Centre was thus chosen as our entry project to the Polish property market, which hopefully will be followed by many others. We continue to keep an eye out for companies interested in this form of cooperation within our Partnership Programme for future property development projects," said Gábor Futó, founding owner of the Futureal Group.

The cooperation agreement was concluded in the span of only a few months, with the Futureal Group contributing capital and professional management services. After joining the partnership, NoVa Park accessed funding under very favorable terms from a leading commercial bank; a major achievement even in the optimistic Polish economic environment.

NoVa Park is the largest commercial development located in the city of Gorzów Wielkopolski, situated 70 km from the German border. Its catchment area includes not only the regional capital, but also the entire Lubuskie region. Numerous international and Polish retailers, such as H&M, C&A, KappAhl, KFC, Cubus, Lavard, Bijou Brigitte, Media Expert and Pure Fitness, have signed lease agreements with the 32,400 m² commercial center already. A parking lot with a capacity of 910 vehicles ensures easy access.

NoVa Park Commercial Centre is located in the picturesque neighborhood of the boulevard running along the Warta River, and the project has contributed to the revitalization of this urban area. It created 1,300 jobs during the construction phase, and will provide steady employment for around 1,000 people in the center.

Based on the agreement between the investors, Apsys Management will be in charge of managing the facility.

The developers will celebrate the opening of NoVa Park Commercial Centre by a four-day inauguration ceremony, offering countless entertainment programs for the shoppers of this much-awaited regional facility.

Source: Andrea Szabo

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