The refurbishment of one of the most noticeable retail and office properties in Warsaw has been completed. Marks & Spencer, one of the retail property's anchor tenants, just opened its largest shop in Poland, situated in Wars-Sawa-Junior.
Three new lease agreements were realized allowing Marks & Spencer to take approximately 4,150 m², Reserved taking 2,372 m² and finally TK Maxx taking 4,005 m². All new flagship stores were opened this autumn; TK Maxx on September 23, Marks & Spencer October 15, and Reserved on October 16.
Refurbishment retail units completed
Krzysztof Bocianowski, Head of Asset Management of ING REIM Poland: "With the successful opening of the three anchor tenants' shops, the refurbishment of the retail units in Wars-Sawa- Junior has officially been completed. We are very happy that we have been able to realize this complicated process in just one year. Wars-Sawa-Junior has always been a landmark property in Warsaw. We believe that as of now it will also serve as the symbol of the new, modern Warsaw".
Will Rowson, Chief Investment Officer for ING REIM Europe: "This is an excellent example of our Polish asset team creating value by successfully completing a very complicated refurbishment whilst letting the newly created large scale units to high quality tenants."
The complicated construction works in Wars-Sawa-Junior included the replacement of all major building installations including all HVAC, water, sewage, electrical and building's safety installations, the construction of new escalators and elevators for an increased number of tenants and a substantial modernization of the building's facade.
Wars-Sawa-Junior is a high street retail and office property, strategically located in Warsaw's city center. The property comprises approx. 29,000 m² of retail space and approx. 7,000 m² of office space. The list of tenants includes famous brands like H&M, C&A, TK Maxx, Reserved, Marks & Spencer, Zara, Empik, Carrefour, Sephora, Esprit, Camaieu, Cropp Town and House. Wars-Sawa-Junior is owned by Prime Warsaw Properties Sp. z o.o., a joint venture partnership between Centrum Development and Investment S.A. and ING Property Fund Central and Eastern Europe (ING PFCEE).
Source: ING REIM