Austrian listed property group Immofinanz has bought a shopping centre development site in a inner-city location in Lublin, Poland for an undisclosed amount.
Austrian listed property group Immofinanz has bought a shopping centre development site in a inner-city location in Lublin, Poland for an undisclosed amount.
Nicknamed Galeria Zamek, the project involves the development of a 30,000-m2 mall near the city's historic district.
Immofinanz is currently negotiating with the city of Lublin to amend the existing building permit in order to meet the requirements for a high-quality class-A shopping centre, the company said in a statement. Construction work is expected to start in spring 2012, with the opening planned for 2013.
The operation follows the start of construction on Immofinanz' Silesia shopping centre in Katowice, southern Poland, in late 2010. Silesia City Center, which was acquired by Immofinanz in 2005, will see the addition of 20,000 m2 to the existing 66,000 m2.
