Kardan to develop its fifth regional shopping center in Central & Eastern Europe (NL/PL)

The Dutch investment group Kardan N.V. announces that its real estate subsidiary, Globe Trade Centre S.A. (GTC Poland), signed a preliminary agreement for the acquisition of a land plot of 90,000 sq.m. in Czestochowa, Poland for a total consideration of EUR 8.2 million.

Galeria Mokotow, Prague, Czech Republic.

The land, located next to the Warsaw – Krakow main highway and close to the city center, will be developed into a third generation shopping center with complementary functions.
Czestochowa, the 12th largest city in Poland, is located in the southern part of Poland, between Warsaw and Krakow and until today had no modern shopping center. The city and its surroundings will provide the shopping center with a catchment area of 450,000 people.

GTC Poland has already completed two large successful shopping centers in Warsaw and Krakow - Galeria Mokotow and Galeria Kazimierz, and is currently developing shopping centers in Zagreb and in Bucharest.

The completion of the transaction is subject to certain conditions, as stipulated in the preliminary agreement, including obtaining the necessary permits for development of the land.

GTC Poland is one of the leading real estate developers in Central and Eastern Europe. It invests in three main sectors of the real estate market: office buildings, retail and entertainment centres and residential property. It operates in 6 countries; Poland, Hungary, the Czech Republic, Romania, Serbia and Croatia, and is constantly seeking further investment opportunities in other countries in the CEE region.

GTC Poland is listed on the Warsaw Stock Exchange and included in the main index (WIG20). GTC Poland's shares are also part of the MSCI index, which comprises the world's leading listed companies.

Source: Kardan

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