CEE property firm Plaza Centers has acquired a 55,000 m[sup]2[/sup] site in Lodz, Poland for the development of a new 45,000 m[sup]2[/sup] shopping and entertainment centre. This is Plaza's second acquisition in Lodz and the firm's 14th project in Poland.
CEE property firm Plaza Centers has acquired a 55,000 m2 site in Lodz, Poland for the development of a new 45,000 m2 shopping and entertainment centre. This is Plaza's second acquisition in Lodz and the firm's 14th project in Poland.
The London-listed developer plans to invest around EUR 85 mln in the development of the centre, which will comprise 120 retail units, an entertainment centre, cinema and parking facilities. Construction on the site is expected to commence at the end of 2010, Plaza said, adding that the development is, however, conditional on securing development financing and planning consent.
'Despite the global downturn, the Polish market has remained resilient and is the European Union's fastest growing economy based on recent GDP figures,' CEO Ran Shtarkman said.
He added: 'This gives us the confidence to continue our investment in the country, both with opportunistic acquisitions such as Lodz as well as our active development programme across other regions of Poland.'
