Plaza Centers N.V., a leading emerging markets property developer, announces that it has completed and opened to the public Torun Plaza in Poland, its 31st shopping center in Central and Eastern Europe and its 10th in Poland.
The center includes an eight-screen cinema of Cinema City, Fantasy Park entertainment center and a Delima delicatessen, as well as over 120 shops with international and local brands such as H&M, C&A, KappAhl, Zara, Bershka, Stradivarius, Pull & Bear, Massimo Dutti, Reserved, Cropp House, Mohito, Mango, New Yorker-Rossmann, Douglas and Sephora.
Torun Plaza was approximately 80% let on opening, with a further 10% of space in advanced negotiations and strong interest expressed in the remaining space.
Plaza has been active in development of shopping and entertainment centers in emerging markets for over 15 years, initially developing shopping and entertainment centers in Hungary and subsequently expanding into Poland, the Czech Republic, Romania, Latvia, Greece, Serbia, Bulgaria and India.
It was the first company to develop western-style shopping and entertainment centers in Hungary and has pioneered this concept throughout the CEE, building a strong track record of successfully developing, letting, selling and managing shopping and entertainment centers.
To date, Plaza has sold 26 of its shopping center developments with an aggregate gross value of circa 1.16 billion. These comprise 17 shopping centers in Hungary, seven in Poland and two in the Czech Republic. The remaining five shopping centers (including Torun) are currently being held as operational assets, of which three are located in Poland, one in the Czech Republic and one in Latvia.
Ran Shtarkman, President and CEO, Plaza Centers N.V. said: "The completion of our 31st shopping center in the CEE region, and our 10th in Poland, is an important milestone for Plaza in 2011.
"The opening of Torun Plaza, on time and within budget, once again demonstrates Plaza's ongoing ability, even in these challenging economic times, to secure attractive locations and favorable project financing and to sign leases with dominant international and local retailers.
"We are also pleased to maintain our track record of building more western-style shopping centers in CEE than all our other major competitors combined.
"We continue to have confidence in the relative resilience of the Polish market and especially in top-quality retail and leisure assets with a dominant catchment area. We believe that Torun Plaza will quickly play a significant role in the community of Torun and become a destination of choice for both domestic and international visitors due to its vast range of shopping opportunities and entertainment attractions."
Source: FTI Consulting