GTC buys 50% of Warsaw mall project

CEE commercial property developer Globe Trade Centre (GTC) has completed the acquisition of a 50% stake in a shopping centre project in the Wilanow district of Warsaw owned by Polish listed company Polnord.

In a statement this week, the company said it has signed a joint venture agreement with Polnord to jointly develop the scheme, which is located on 7.5 hectares of land and is expected to involve development costs of EUR 170 mln. The two companies agreed main terms of the transaction in March this year.

The scheme will comprise around 60 000 m² of net retail space. Construction is due to start within the next 12 months after a building permit is obtained. The value of the mall upon completion is estimated at EUR 250 mln, according to GTC.

Separately, GTC has announced construction has started on the fourth building in its Platinium business park in Warsaw. The scheme will provide 26,000 m² of total surface area and is scheduled to be completed by end-May 2011. On completion, Platinium business park will comprise six buildings, providing a total surface area of 70,600 m² of modern office space. The centre is almost 100%-leased.