ING Real Estate has announced that Zlote Tarasy Sp.z.o.o., its affiliate that is developing the Zlote Tarasy Centre in Warsaw (Poland), has had to decide to postpone the opening of the Zlote Tarasy center. The opening is now planned in the first quarter of 2007 instead of November 2006. Zlote Tarasy Sp.z.o.o. decided to postpone because the contractor, Skanska, has not honoured its contractual obligations to have the centre ready for opening on the 1st of November 2006.
Zloty Tarasy, Warsaw, Poland.
Marcel Kooij, Managing Director of Zlote Tarasy Sp.z.o.o, said: "We deplore that, in spite of substantial incentives offered by us, Skanska has not been able to deliver the technical installations of the centre timely. We had no other choice than to make the regrettable decision to postpone the opening. In close cooperation with our tenants we will work towards an opening in the first quarter of 2007. The exact opening date will be announced as soon as possible."
The delay is expected to have no material impact on the results of ING Real Estate.
Source: ING Real Estate