CBREGI's Polish mall gets €65m facelift

CBRE Global Investors plans to revamp and extend the Ogrody shopping centre in the Polish city of Elblag.

The shopping centre os owned by CBREGI's Property Fund Central Europe (PFCE).

As part of the project, Ogrody’s 17,500 m2 of retail space will be extended to over 40,000 m2. The total cost of the redevelopment is expected to be €65 mln and will take 22 months to complete.

CBREGI said the parking area will be turned into a five-level structure offering 1,000 spaces. 'The core part of the centre has already undergone a part-refurbishment and this second phase will be redeveloping the old portion of the centre,' it added.

Throughout construction the existing Carrefour hypermarket will continue trading.

'The project meets the requirements of tenants who have pre-let over 60% of the new Ogrody, added Krzysztof Bocianowski, head of Asset Management at CBRE Global Investors Poland.

In 2012 the scheme reported over 4.4 million visitors.

Ogrody Shopping Centre was developed in 2002 by Ahold Real Estate Central Europe. Acteeum Central Europe is responsible for project management of the project, supported by CBRE leasing on the letting side.

The project is designed by architects ESA and will be executed by construction group Porr.