KPP leases 40% of flagship Galeria Victoria project

Keen Property Partners Retail (KPP Retail) has leased around 40% of its Galeria Victoria mixed-used complex in Walbrzych, Poland, before starting construction of the scheme. The group, which has hired CB Richard Ellis to market the project, said new lease agreements were signed with retailers Choco Cafe, Empik, Everest, Gatta, Greno/Mituu, Pawo, Pierre Cardin, Reporter, Scotch & Soda, Solar, Sping, Swiss, Yes and Willsoor.

Galeria Victoria will be the first modern retail, entertainment, residential and hotel complex in Walbrzych and the surrounding region, bringing the first multiplex cinema (Cinema City) to the city. With financing for this project already in place, KPP Retail has recently applied for the building permit to start construction on the site.

'The development process of Galeria Victoria is progressing as planned. The construction works will start as soon as we have received the building permit, which is expected to happen at the beginning of 2009. The grand opening of Galeria Victoria is planned for spring 2010,' said Richard Keen, managing director at Keen Property Partners.

Designed by award-winning architects Chapman Taylor, the two-storey mall will house a Carrefour hypermarket (4,600 m2) and approximately 180 shops, a home furnishing outlet (7,000 m2), the Media Expert electronics store (approximately 2,500 m2), and other services located in a retail area of over 43,000 m². The value of the investment will be EUR 75 mln, with a further EUR 20 mln being invested in the hotel and residential elements of the project.