ECE launches major refurbishment for Polish shopping centre

German retail developer ECE has started a €30 mln refurbishment of Poznañ City Center within two years of the joint acquisition of the Polish shopping centre for an estimated €250 mln.

The 58,000 m2 shopping centre is a key part of regeneration of the once-dilapidated main train station in the west-central Polish city of Poznañ.

The centre began trading in October 2013 and was acquired the following April by ECE Prime European Shopping Centre Fund and Resolution Real Estate Fund IV. The vendors were the development partnership of Europa Capital, on behalf of Europa Fund III, Trigranit and PKP (Polish State Railways). The investment volume was not disclosed but it is believed to have been in the region of €250 mln.

Refurbishment
The cornerstone of the refurbishment project is the introduction of fashion retail specialist Peek & Cloppenburg (P&C) to Poznañ City Center and the Poznañ market. P&C will open a new 4,500 m² fashion department store at the centre which will be its first in Poznañ. The store is due to open in autumn 2016.

'Introducing Peek & Cloppenburg to Poznañ City Center marks the beginning of a huge restructuring of a part of the centre,' noted Rafal Pruba, leasing director of ECE in Poland. The refurbishment is aimed at complementing the offers with premium fashion brands and the tenant mix with popular brands as well as improving the attractiveness of the centre, he added.

The refurbishment of Poznañ City Center will include a major upgrade of the mall area and will include the introduction of new theme areas that are inspired by the fashion capitals of New York and Paris. The two fashion boulevards will allow customers a journey through international fashion trends and lead to the central plaza of the mall. The all-new fashion square will be an open space comprising a fashion café to strengthen its function as a meeting point.

The completion of the refurbishment is scheduled for autumn 2016.