The project of expansion at Turawa Park owned by Focus Estate Fund, which received a building permit last year, has now entered the construction phase, with the handover to the general contractor. The expansion project, with a total investment budget of approximately €5.5m, has reached a pivotal stage with the signing of all largest lease agreements in terms of the GLA, signalling strong interest from prominent brands to join the vibrant tenant mix of Turawa Park.
Focus Estate Fund announced the signing of four lease agreements, representing c. 61% of the GLA of the former DIY building. These agreements include well-known brands such as: New Yorker, Martes Sport, DM, and Forpepe House. Furthermore, negotiations are underway for the finalisation of an additional three lease agreements, which are expected to cover more than 90% of the GLA. These forthcoming agreements will further enrich the retail mix, enhancing the shopping experience for visitors to Turawa Park.
In support of this ambitious project, Focus Estate Fund has secured financing through a credit facility provided by BNP PARIBAS Bank.
Maxim Shkolnik, General Partner of Focus Estate Fund, expressed confidence in the project's success, "We are confident that with the help of our partners from BNP Paribas Real Estate, Turawa Park will progress swiftly, bringing us closer to realizing our vision of a premier shopping destination that caters to the diverse needs of our customers. The expansion project, currently underway, presents an opportunity for retailers to join a thriving retail ecosystem and capitalize on the centre's dynamic environment. With the ongoing development of expansive residential projects in the vicinity, Turawa Park's catchment area continues to expand, adding more responsibility to provide a compelling and rounded offering to the growing customer base.”
“Redevelopment of a first generation DIY building into a modern retail park was part of an ambitious retail strategy to finalise the overall repositioning of a dominating 36 000 sqm destination. Mixing both convenient family offer and newer, specialised value retail chains under the same roof, proves to be the next generation of “proxy(e)fficiency” assets,” said Fabrice Paumelle, Head of Retail BNP Paribas Real Estate Poland.
Image provided by Focus Estate Fund.
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