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The Warsaw Voice » Real Estate » September 2, 2009
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Retail Market
September 2, 2009   
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Miłek to Build a Mall in Kielce
The Church Land Development company, owned by tycoon Dariusz Miłek, plans to build a three-story shopping mall on a lot between Warszawska, Polna and Radiowa streets and IX Wieków Avenue in the city of Kielce 180 km south of Warsaw.

The mall, designed by architectural studio Bose International, will include a multi-level car parking garage above the retail and service section. The mall's three floors will offer 34,000 square meters of commercial space for 115 retail and service outlets and restaurants. The parking garage on the three uppermost floors will have room for around 1,200 cars.

A central square inside the mall is designed to host events such as concerts, multimedia shows and exhibitions.

The construction project is scheduled to begin next spring and if everything goes to plan, the mall will open in 2011.

Church Land Development, the investor, began operating in 2005. The majority shareholder, Dariusz Miłek, is no. 11 on the Wprost magazine's list of the 100 wealthiest people in Poland. Voted Polish Entrepreneur of the Year in 2007, Miłek is the founder of the CCC footwear brand and chain of shoe stores. Miłek's projects as an investor include the construction of the 70,000 sq m Cuprum Arena shopping center in the southwestern city of Lubin.


Factory Outlet in Białołęka
Spanish company Neinver will build a new factory outlet in Warsaw's Białołęka district, its second such facility in the Polish capital.

The planned facility, called Factory Annopol, will be the second largest factory outlet built by the Spanish investor in Poland. The outlet will be built on a lot between Annopol, Toruńska and Białołęcka streets. Factory Annopol will offer 14,000 sq m of space to house 90 stores including brands such as Bytom, Ecco, Gino Rossi, Lee, Levi's, Reebok, Venezia, Wittchen and Wrangler. The parking garage will accommodate 800 cars.

The outlet is scheduled to open next year. In the future, the facility will be expanded to include retail and office parks.

Factory outlets sell brand-name products at prices 30-70 percent lower than those in ordinary shopping centers. During sales, twice a year, the prices drop by up to 80 percent.


Refinancing Galeria Mokotów
Globe Trade Centre SA (GTC) and Unibail Rodamco (UR) companies, each of which holds 50 percent of Galeria Mokotów shopping mall in Warsaw, have taken out a loan of 205 million euros to refinance the mall.

The loan was granted by a consortium of German banks made up of Berlin-Hannoversche Hypothekenbank A.G. and Westdeutsche Immobilien Bank A.G.

The loan is for five years with an option to extend the pay-off time by another two years.

The refinancing loan was granted with Galeria Mokotów valued at 378 million euros.

Refinancing refers to the replacement of an existing debt obligation with a debt obligation on different terms.
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