Belgian real estate developer Liebrecht & Wood said on Friday that it has completed the sale of Poland's Fashion House outlet centre chain to the Polonia Property Fund II, managed by AIB PPM, a subsidiary of AIB Capital Markets. The transaction, which was first announced in September 2007, involved three retail outlets in the Polish cities of Gdansk, Warsaw and Sosnowiec, representing an investment of nearly EUR 100 mln. The financial details were not disclosed.

Belgian real estate developer Liebrecht & Wood said on Friday that it has completed the sale of Poland's Fashion House outlet centre chain to the Polonia Property Fund II, managed by AIB PPM, a subsidiary of AIB Capital Markets. The transaction, which was first announced in September 2007, involved three retail outlets in the Polish cities of Gdansk, Warsaw and Sosnowiec, representing an investment of nearly EUR 100 mln. The financial details were not disclosed.

'Selling the Fashion House centre in Gdansk concluded the ownership change process started in 2007,' Liebrecht & Wood said. As part of the agreement, the company will remain the owner of the Fashion House Outlet Centre brand.

The developer intends to use the proceeds to finance further investments in Poland, Russia and Romania. Looking forward, the company will focus on the development of the Morski Park Handlowy scheme located in Gdansk, in which it already invested nearly EUR 50 mln. The complex will provide 50,000 m2 of retail space and 1,500 parking spaces, including major tenants such as Carrefour (8,412 m2) and OBI (10,975 m2). The new retail park opening is planned for spring 2011.

Liebrecht & Wood also plans to expand the Fashion House chain with three new mall development projects in Moscow, St Petersburg and Bucharest. Construction works at Fashion House Moscow - the first outlet centre in Russia - will start in April 2011, with completion planned for November 2011. Fashion House St. Petersburg and Fashion House Bucharest are to be completed before 2012.

'We are optimistic [about future prospects] because the Fashion House chain has become a very successful and recognisable brand in Poland,' said Patrick Van Den Bossche, Liebrecht & Wood's managing director.