Austrian development company Meinl EL is to develop a 71,000 m[sup]2[/sup] multifunctional centre in Gdansk in a joint venture with Danish-based TK Development. The project will involve a total investment of EUR 100 mln and will be entirely financed by the Austrian group. TK Development will receive a fee for its development services and a share of the development profit.
Austrian development company Meinl EL is to develop a 71,000 m2 multifunctional centre in Gdansk in a joint venture with Danish-based TK Development. The project will involve a total investment of EUR 100 mln and will be entirely financed by the Austrian group. TK Development will receive a fee for its development services and a share of the development profit.
The centre, scheduled for completion in autumn 2009, is expected to generate a 9% yield, according to researchers at merchant bank Kempen & Co.
The Austrian group has also acquired a 15,000 m2 shopping centre for a total value of EUR 20 mln. The project is relatively new since completion took place in early 2006. The sell value reflects a yield of 9%. The anchor tenant is the German retailer Rewe, and Meinl EL has already signed a lease contract for a 6,000 m2 area with the OBI DIY operator, Germany’s seventh largest retailer and the sixth largest food retailer.
