Resolution Property, the leading European real estate fund, has secured seven leases and introduced five new retailers, to anchor the extension of Galeria Pomorska in Bydgoszcz, Poland.
The leading retailers include Inditex Group brands – Bershka and Stradivarius, and LPP group, Reserved, Cropp, Sinsay, House and Home&You brands. The pre-letting commitments by Inditex and LPP represent approximately 40% of the retail space in the new part of the shopping center and pave the way for owner Resolution Property to commence pre-construction work from May 2013.
Shane Scott, Partner at Resolution Property said: “The extension of Galeria Pomorska represents a further investment of approximately 110 mln PLN (approx. €25.7 mln). This is major commitment and we are very pleased to welcome leading retailers Inditex and LPP to anchor the extension of Galeria Pomorska.
“The transformation of Galeria Pomorska into a more modern and vibrant shopping center began in 2011 when we started the interior refurbishment of the food court and the introduction of new tenants such as leading multiplex cinema operator Kino Helios.
“Following the signing of the Inditex and LPP brands we expect to finalize leases with a number of other leading international and Polish retailers who have expressed interest in becoming part of the successful Galeria Pomorska shopping center.”
The extension of Galeria Pomorska will be constructed in phases. Work, which includes creation of the new customer car park providing some 160 additional parking spaces, is due to start next month and finish in September this year. The first phase of the extension is planned to start in late 2013 and involves the construction of the new 900-space multi-story car park which is expected to be completed in spring 2014. 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