Valad Europe is to redevelop and extend Centrum Janki shopping center in the southern part of Warsaw.
The €60 million redevelopment, expected to begin in Q2 2014 with a target completion date of Q4 2015, will include a 20,000 m² extension with space for an additional 83 retail units. New tenants will occupy space alongside H&M, Go Sport and C&A at the 67,000 m² shopping center.
Thierry Leleu, Valad Europe’s Head of Funds Management, commented: “Centrum Janki occupies a prime location in an established retail destination zone, south of Warsaw, with on-site entertainment and good car parking. With the prospect of improved accessibility through new public transport and road infrastructure and its proximity to the proposed development of the S8 expressway linking Wrocław, Łódź, Warsaw and Białystok, we have decided to make a significant investment in Centrum Janki’s future by improving and increasing its commercial offering.
“We have engaged Apsys Polska as a development manager on this project and will be selecting a suitable architect with the expertise and vision necessary to turn Janki into a contemporary shopping centre, ready to welcome new retailers and equipped to serve the retail and entertainment needs of the local community.”
Centrum Janki was built in 1999 and was one of Poland’s first modern shopping centers. It has since undergone two extensions. Centrum Janki is part of Valad’s Polish Retail Fund, a closed ended fund comprising six high quality shopping centers and three hypermarkets, totaling 300,000 m², located in seven of Poland’s key cities including Warsaw, Kraków and Wroclaw.
Valad Europe manages €4.3 billion of assets in Europe, across 16 funds and mandates, comprising more than 600 assets and 5,500 tenants. Valad has a team of more than 20 working out of its Polish office in Warsaw.