Resolution Property has been granted a construction permit for the extension of Galeria Pomorska, in Bydoszcz, Poland which will allow the next phase of work to proceed. This follows the recently agreed €55.8 million loan arranged by PBB Deutsche Pfandbriefbank to refinance the debt and provide funding for the extension.
Resolution proposed extension will see the center expand to provide over 43,000 m² of space, which will have the ability to accommodate 140 retail outlets. The new extension at Galeria Pomorska will include a 10,000 m² single level shopping area and a multi-story car park for 900 cars.
Shane Scott, Partner at Resolution Property, commented: “The extension of Galeria Pomorska is part of our wider asset management strategy for the center and represents a further investment of approximately 110 mln PLN (approx. €25.7 million). This is major commitment and will help re-assert Galeria Pomorska as a first choice shopping & leisure destination in Bydgoszcz.
The transformation of Galeria Pomorska into a more modern and vibrant shopping center began in 2011 when Resolution started the interior refurbishment of the food court and the introduction of new tenants, such as leading multiplex cinema operator Kino Helios. The final phase of work, which involves the construction of the single level gallery extension is planned to start on completion of the multi-story car park and complete in spring 2015. This phase will be accompanied with some further upgrading within the existing part of the gallery. Approximately 70% of retail space in the extension will be dedicated to fashion, footwear, accessories and beauty, and the remaining space to other retail and leisure uses.
Source: FTI Consulting