European listed property giant Unibail-Rodamco is joining forces with Valad Europe to redevelop and extend the Krokus shopping centre in Kraków, Poland.
European listed property giant Unibail-Rodamco is joining forces with Valad Europe to redevelop and extend the Krokus shopping centre in Kraków, Poland.
Located in the northeastern part of Kraków, the centre currently has a total gross leasable area of 30,000 m2 and is situated near the Multikino cinema complex and Park Wodny waterpark.
The scheme is part of Valad Europe’s Polish Retail Fund.
The redevelopment will add a further 50,000 m2 of GLA, transforming the asset into a state-of-the-art jumbo shopping centre, the companies said in a statement.
'We are preparing a state-of-the-art, large regional shopping mall in co-operation with our partners, in order to achieve an unprecedented level of customer experience in the city of Kraków,' commented Arnaud Burlin, Unibail-Rodamco’s managing director for Central Europe.
Karol Pilniewicz, Valad Europe’s head of CEE, added: 'We are delighted to have agreed with Unibail on the Krokus redevelopment. This development will significantly enhance the return for our investors and provide Unibail with the opportunity to eventually own and operate a jumbo shopping centre in Krakow.'