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Commercial Real Estate News Volume 4 No 4 (37) April 2010 RETAIL FOCUS Galeria Kaskada GTC and Polnord join forces on retail project in Warsaw Globe Trade Centre S.A. (GTC) and Polnord S.A. (Polnord) have signed a term sheet of a joint venture for the development of a modern shopping centre on a 7 ha site in Miasteczko Wilanów in Warsaw, currently owned by Polnord. The planned project will have an approximate size of 60,000 sqm of retail area and an estimated value of over 250 million. The primary catchment area of the mall includes the most affl u- ent housing districts of Warsaw such as Wilanów and Sadyba, as well as the prestigious resort area of Konstancin. We are pleased to secure Polnord, a company with over 30 years experience in construction business, as our partner in this shopping centre joint venture. GTC will contribute its know- how in design and development of modern malls, as well its well-established relations with key domestic and international retailers. Th e shopping centre in the southern part of Warsaw will allow its tenants to expand in the area with the highest purchasing power in Poland, said Eli Alroy, the Chairman of GTC Supervisory Board. The joint venture between GTC and Polnord will create sig- nificant value for Wilanów and our shareholders. As a developer of Miasteczko Wilanów we know how much a modern shopping centre is needed in this fast growing housing area. Im also very pleased with the partnership with GTC as a starting point for future cooperation, said Ryszard Krauze, the Chairman of Polnords Supervisory Board. The construction of the mall in Wilanów is expected to start in H2 2010, after obtaining a building permit. The final joint venture agreement is expected to be signed after the completion of the due diligence. ECE and Berlin Hyp sign loan contract for Galeria Kaskada ECE Projektmanagement and the Real Estate Finance Business Division of Landesbank Berlin AG and Berlin Hyp have signed a loan contract for the construction of Galeria Kaskada in Szczecin, Poland. The total credit value amounts to 111 million. With the financing available the construction of the shopping centre will now start in full scale in order to reach the planned opening date in the fall 2011. The complete investment of the project will total 190 million. Alexander Otto, CEO of ECE, commented: Our partnership with Landesbank Berlin and BerlinHyp proves that the best quality real estate projects brave the crisis and set the direction for the real estate market. The construction of Galeria Kaskada will be an impulse for the further inter- national expansion of ECE in the CEE region, and in Poland in particular. Jan Bettink, chairman of the board of management of Berlin Hyp, added: Th is deal once again underlines the strong position and good reputation of the joint business division of Landesbank Berlin AG and Berlin Hyp. We are proud to have closed this significant deal despite the current fi nancial climate. ECE as well as we as the fi nancial partners professionally teamed up and committed to completing the transaction within the set timeframe scheduled by the borrower. Galeria Kaskada will be the premium shopping destination in Szczecin and the region of Western Pomerania. It is perfectly located in the very heart of the city centre of Szczecin, with convenient access by all means of transportation. The catchment area exceeds 720,000 people and stretches out far beyond the German-Polish border. The centre will house 140 stores offering a top mix of fashion brands, cosmetics, accessories, multimedia, food and services. Its best quality architectureis set to restore the urban character of the premises and bring back the city glamour to the centre of Szczecin. In terms of the project quality, solid financial grounds, and leasing ratio Galeria Kaskada meets the current high requirements of the fi nancial markets. Almost two years before the opening as much as 55 percent of its retail space has been leased. The planned shops and fashion brands to be present include: Van Graaf, Intersport, C&A, Humanic, Max Mara Weekend, Camaieu, Promod, Tchibo, Coffee Heaven, Rossmann, Douglas, Sephora, LOccitane, Apart, Yes, Adidas, Nike, Lee-Wrangler, Levis, Wittchen, Venezia, Ecco, and many more. The general contractor Strabag Polska will take over the construction site from Stump Hydrobudowa, the ground work company, who have been preparing the site for the construction. The further development, construction and leasing, as well as long-term management of Galeria Kaskada will be realized by ECE with the loan support of its banking partner, BerlinHyp. 13 Atrium Center opens its gates Atrium Center, the first mall of the city of Arad, Romania, has opened its gates. The retail centre is a modern-oriented mall of 30,000 sqm GLA. The mall will serve the public with a wide range of shops including fashion, sports, electric goods, cafes, restaurants, services and entertainment. It will feature the first parking house and the first multiplex cinema of the city. The mall has five levels of parking with more than 1,000 places. The ground floor will host a Billa supermarket on 1,850 sqm, as well as services, fashion shops such as C&A and New Yorker, both of them operating shops on the fi rst floor as well. The fi rst floor contains several fashion shops, sports and youth clothing. The second floor will host the food court and entertainment zone. A childrens playground, a toyshop, an electrics goods and house- hold appliances store called Altex are to be found on the same level. A billiard and bowling saloon as well as a bookstore, a stationery and an IT shop will open in May and the fi rst multiplex cinema of Arad will open in August. OFFICE SPACE LISTINGS IN POLAND see inside! April 2010 Volume 4 No 4 (37) Monthly News Published by NEWS Poland well positioned to thrive Poland took centre stage for the first time at this years international real estate fair MIPIM. As a result, the country witnessed many events arranged for partic Commercial Real Estate News Volume 4 No 4 (37) April 2010 Salans advises Bonduelle Group in connection with its investments in Ukraine Salans has acted as a legal advisor in Ukraine to Bonduelle Group, in relation to its investment in the construction of a factory producing canned and frozen vegetab Commercial Real Estate News Volume 4 No 4 (37) April 2010 European housing showing signs of recovery Signs of recovery are visible in some European housing markets, especially in sales levels and prices, says the latest RICS European Housing Review. A significant number of European residential marke Commercial Real Estate News Volume 4 No 4 (37) April 2010 ProLogis leases nearly 70,000 sqm of distribution space in Central Europe ProLogis has announced that it has signed five new lease agreements in Central Europe, covering 68,800 sqm. Three lease agreements were signed in Poland, the first with Commercial Real Estate News Volume 4 No 4 (37) April 2010 Poland is well positioned to thrive after growth in 2009 say market professionals at EuropaPropertys Poland Breakfast Forum Poland took centre stage for the first time at this years international real estate fair MIPIM. As a result, the count Commercial Real Estate News Volume 4 No 4 (37) April 2010 The panel agreed that retail will be the strongest sector because the yields are so attractive. Retail has been holding up pretty well and that is coming across in our valuations, Chris Grzesik explained Going into more detail on why to inves Europaproperty.com provides comprehensive and up-to- date news, information and analysis on commercial real estate markets and related businesses. Through our printed and electronic publications, conferences and awards events we cover the whole of Central and Eastern Europe, Russia and the CIS. Subs Commercial Real Estate News Volume 4 No 4 (37) April 2010 FINANCE FOCUS Hypo Real Invest acquires Vyšehrad Victoria offi ce building in Prague Skanska Property Czech Republic is divesting its offi ce project, Vyšehrad Victoria, in Prague to HRI Immobilienfonds, of the Austrian Hypo Real Invest AG, f Commercial Real Estate News Volume 4 No 4 (37) April 2010 FINANCE FOCUS Corio acquires 1.3 billion Multi shopping centre portfolio Corio has purchased a 1.3 billion shopping centre portfolio from Multi. This ranks as one of the largest European retail portfolio transactions recorded to date. Corio w Commercial Real Estate News Volume 4 No 4 (37) April 2010 RETAIL FOCUS Galeria Kaskada GTC and Polnord join forces on retail project in Warsaw Globe Trade Centre S.A. (GTC) and Polnord S.A. (Polnord) have signed a term sheet of a joint venture for the development of a modern shopping centre on a 7 h Commercial Real Estate News Volume 4 No 4 (37) April 2010 RETAIL FOCUS The awards were witnessed by 450 top industry professionals CEE RETAIL A W ARDS Pawel Debowski, Clifford Chance Martin Erbe, WestImmo Daniel Harris, MGPA and the region as a whole, is very much an active market and one that we ho Commercial Real Estate News Volume 4 No 4 (37) April 2010 RETAIL FOCUS of the Year award. Chapman Taylor picked up Architectural Firm of the Year, Clifford Chance was awarded Law Firm of the Year and First Title took home the Professional Service Provider of the Year award. AWARD WINNERS Commercial Real Estate News Volume 4 No 4 (37) April 2010 RETAIL FOCUS TriGranit share holders inspect Arenas construction progress IKEA s Port Lodz Arena Centar works ahead of schedule A delegation of TriGranit shareholders and executive management recently visited Zagreb to inspect the constructio Commercial Real Estate News Volume 4 No 4 (37) April 2010 RETAIL FOCUS Korczowa Dolina Serdika Center Korczowa Dolina offers new commercial venue for trading with Ukraine The investors of Korczowa Dolina Distribution Centre have recently received a building permit to construct the distribution centr Commercial Real Estate News Volume 4 No 4 (37) April 2010 RETAIL FOCUS Multi Corporation sells 35 percent of Forum Mersin to Union Investment for 68 million Multi Corporation and Union Investment have finalized an agreement to purchase the remaining 35 percent of the shares owned by Multi. Union Inv Commercial Real Estate News Volume 4 No 4 (37) April 2010 RETAIL FOCUS Polands first Family Point opens in Wroclaw Polands first Family Point has opened its doors in Wroclaw. The 9,000 sqm centre is one of only a few retail parks in the country and features a total of 17 shopping and recreational ou Commercial Real Estate News Volume 4 No 4 (37) April 2010 EuropaProperty presents the 5th annual SEE Real Estate Awards for 2009 Building on the success of the last four EuropaProperty SEE Real Estate Awards, EuropaProperty is proud to present the fifth annual SEE Real Estate Awards for 2009. The Aw Commercial Real Estate News Volume 4 No 4 (37) April 2010 Segro wins a new customer in Tulipan Park Ostrava The German company Erwin Quarder has become the latest customer in Segros Tulipan Park Ostrava, leasing a total of 4,220 sqm of warehouse space. Tulipan Park Ostrava is being developed on a 4 Commercial Real Estate News Volume 4 No 4 (37) April 2010 European investment volumes up 10 percent over last four quarters says DTZ Reflecting seasonal trends, the volume of commercial real estate investment across Europe posted a 29 percent quarter- on-quarter decrease to 16.3 billion, when compar Commercial Real Estate News Volume 4 No 4 (37) April 2010 Central Europe boosts industrial real estate market Central Europe continues to play a significant role on the industrial real estate map, and despite the rebalancing of the global economy, the market saw a number of major transactions; last Commercial Real Estate News Volume 4 No 4 (37) April 2010 People on the move Kirill Popov appointed as Executive Director at C&W in Russia Cushman & Wakefield has announced the appointment of Kirill Popov as an Executive Director. Kirill will focus on coor- dinating the activities of the offi ce, re Selected Offi ce Buildings in Commercial Real Estate News Poland List your available office space in the May edition of The Wire for only 99. Deadline April 25th. Volume 4 No 4 (37) April 2010 photo name of building address net price (per sqm) class total space /available /minimum available investor Commercial Real Estate News Volume 4 No 4 (37) April 2010 Selected Offi ce Buildings in Poland, cont d photo name of building address net price (per sqm) class total space /available /minimum available investor contact agency contact Advertise your SUBLEASE offi ce space in The Wire for only 99 per The Commercial Real Estate NEWS E.C.E. Property Media ul. Łucka 15, 00-842 Warsaw, Poland iption ubscr t: s ac trial for a lease cont perty.com p pro opa eur eting mark Publisher Craig Smith craigeuropaproperty.co +48 604 144 769 Editorial Director Winston Norman winstoneuropaproperty. +48 (22) 586