Immofinanz unveils plans for major mall in Poland

Austrian listed property company Immofinanz has unveiled plans for the development of a major retail scheme in Poland, representing an investment of EUR 115 mln.

The project, named Tarasy Zamkowe, involves a 37,000-m² shopping centre located in the city centre of Lublin. The complex will boast 150 shops on three levels as well as 1,000 parking spaces.

Construction work is planned to start in October, with the opening scheduled for autumn 2014, Immofinanz said. The mall is aiming for a BREEAM environmentally-sustainable certificate.

'Lublin is a promising retail market with 350,000 residents and a total catchment area of 800,000. This fact – together with the strong economic power of the city of Lublin and the low retail density – influenced our decision to buy the former Galeria Zamek site last year,' commented Eduard Zehetner, Chief Executive Officer of Immofinanz.

In Poland, the developer-investor has been recently active with the extension of the Silesia City Center and the Dêbowe Tarasy residential project, both in Katowice.