DGAP-News: IMMOFINANZ Group starts prestigious retail development project in Poland

Corporate News | Press Release Vienna/Lublin, 2 October 2012

IMMOFINANZ Group starts prestigious retail development project in Poland

Today, IMMOFINANZ Group presented its next retail development project in Poland: A state-of-the-art high-quality shopping center will be created in the middle of the Lublin City Center, close to the historic castle. Tarasy Zamkowe - previously known as Galeria Zamek - will become an exciting shopping, entertainment, recreation and leisure facility as well as an integral part of the existing inner city attractions. And the signs are promising: The interest of local, national and international retailers for sales areas is exceptionally high. The leasable area will amount to 37,000 sqm, offering space for about 150 shops. Construction works will start in October, and the opening is scheduled for autumn 2014. The total investment for this project will amount to approximately EUR 115 million (PLN 480 million).

Lublin is a promising retail market with 350,000 residents and a total catchment area of 800,000. This fact - together with the strong economic power of the city of Lublin and the low retail density - influenced our decision to buy the former Galeria Zamek site last year. In order to create a shopping mall that fits perfectly into the townscape and offers a unique shopping and entertainment experience, we revised the original design to include the latest retail development trends, commented Eduard Zehetner, Chief Executive Officer of IMMOFINANZ Group - one of the leading real estate investors and developers in Europe. We are very pleased that our efforts to build a state-of-the-art retail property were rewarded by the local authorities and that we will be able to start construction works within the next few weeks. Following the successful extension of the Silesia City Center and the recent start of our first residential development project, Dbowe Tarasy, both in Katowice, Tarasy Zamkowe represents another important development in Poland - a promising market where we plan to further intensify our activities.

From Galeria Zamek to Tarasy Zamkowe

Since the name Galeria Zamek has been on the market for quite a long time, IMMOFINANZ Group conducted a survey in Lublin to evaluate whether the brand still matches the revised concept for the shopping and entertainment center. Tarasy Zamkowe was chosen from several recommendations. This name evokes positive associations among the residents of Lublin and is perceived as a modern, trendy, fashionable, green and inspiring place.

An exceptional shopping center, tailor-made for residents requirements

The remarkable design of Tarasy Zamkowe combines unique architecture with high ecological standards. The distinctive features are greeneries located on the top of the building: lawns, pathways and viewpoints among which the most impressive one will overlook the panorama of the Castle and the Old Town. Public squares at the corners of the shopping center will invite visitors to linger and also create room for events.

Tarasy Zamkowe is projected to accommodate about 150 retail units, 3 restaurants as well as numerous cafes and food court units. The floor area totals 104,000 sqm: 37,000 sqm dedicated to leasable area, 23,000 sqm to public space and plant room and 44,000 sqm to underground parking. Three levels will provide 1,000 convenient parking spaces. Located between Aleje Unii Lubelskiej and Tysiclecia, the new shopping center will also be easily accessible by public transport, bicycle or foot.

IMMOFINANZ Group is already in intensive negotiations with international, national and local retailers. The demand for quality retail space in Tarasy Zamkowe is very high. Thus, Tarasy Zamkowe will offer a well-balanced tenant mix including many well-known brands - some of which are currently not available in the Lublin region.

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DGAP-News: IMMOFINANZ Group starts prestigious retail development project in Poland