GTC to invest EUR 160m in new 60,000-m[sup]2[/sup] mall in Warsaw

Listed Polish property developer Globe Trade Centre plans to invest EUR 160 mln to develop a new shopping and entertainment centre in Warsaw.

In a statement on Wednesday, Poland's largest builder by market value said the mall in the the Bia³o³êka district will be constructed on a 4.9-hectare site owned by the firm which has zoning in place for commercial services and large-scale retail projects.

Construction of the complex - expected to provide around 60,000 m² of retail space - is due to start no later than spring 2013.

'The planned investment is a response to the actual needs of inhabitants of rapidly-developing Bia³o³êka and neighbouring districts, where modern trade and services are still limited,' said Piotr Kroenke, general manager of GTC. The mall is expected to serve a catchment area of 540,000 inhabitants.

In Warsaw, GTC is also about to start the development of a shopping centre in the Wilanów district.