Rodamco unmoved by partial opening at Zlote Tarasy complex

The retail part of the delay-plagued Zlote Tarasy multifunctional complex in the centre of Warsaw is to open on February 7 next year, developer ING Real Estate declared in an upbeat statement released on Monday evening.

But Rodamco Europe, the Rotterdam-based investor and manager of shopping centres which has agreed to buy 50% of Zlote Tarasy (Golden Terraces), issued a statement on Tuesday morning that seemed to pour cold water on the enthusiasm exhibited by its fellow Dutch company.

While acknowledging ING' Real Estate's announcement of the opening date for the retail part of the 205,000 m² complex, Rodamco added: 'ING Real Estate additionally informed Rodamco Europe that at this stage it can not deliver to Rodamco Europe its 50% of the shares in the project due to the fact that ING Real Estate is not yet in possession of 100% of the shares in the Zlote Tarasy project'.

On November 13, Rodamco Europe confirmed 'it was studying its position' due to uncertainties regarding the timing of the opening and delivery of project. The latest news about opening date for the retail part does not appear to have dispelled Rodamco's dissatisfaction. In Tuesday's statement, Rodamco repeated it 'is currently studying its position and the consequences of this situation'.

ING Real Estate is developing Zlote Tarasy in cooperation with the City of Warsaw. The project comprises three office buildings (including one over 100 metres high), 200 retail and service units spread over 63,000 m2, an eight-screen cinema and a four-level underground car park. The complex was originally to open in 2005 but ING has blamed repeated delays on the building contractor Skanska.

In its statement on Monday evening, ING announced that its subsidiary, Zlote Tarasy Sp. z o.o., was pleased to announce the opening date for the retail part of the Zlote Tarasy complex.

Marcel Kooij, Managing Director of Zlote Tarasy Sp.z.o.o, said: "We believe the set date gives our tenants sufficient time to complete the fit-out of their retail units. We have been able to fix the opening date thanks to a combined effort together with Skanska, the general contractor, and all co-operating partners to solve the outstanding issues. We are now progressing rapidly towards the successful completion of the Zlote Tarasy retail centre'.

ING Real Estate said the retail space is fully let.