WARSAW-Vienna-based property investor Immofinanz has completed a $335-million refinancing of three major properties in Poland with Frankfurt-based landesbank Helaba. It also opened three new specialty shopping centers Stop.Shop, as well as the first shopping and entertainment centre in northwest Romania, Gold Plaza Baia Mare.
The Polish portfolio includes an award-winning mall in Katowice and two office buildings in Warsaw. “Successful refinancing, especially in economically challenging times, confirms our strategy,” says CEO Eduard Zehetner. The 1.2 million square foot Silesia City Center with 240 retail outlets, acquired in 2005, is the largest mall in Upper Silesia, one of the most important economic centers in Poland. The centre is set to expand by 215,000 square feet and open in autumn 2011. It is fully let and tenant interest is substantial, according to Immofinanz.
The 14-story office Brama Zachodnia was completed in 2001 with 280,000 square feet. The IO-1 office, which opened in 2007, has 270,000 square feet of rentable space and is fully occupied.
Separately, the group said it is expanding eastern European specialty shopping center brand Stop.Shop, with three Czech and Slovak openings. Stop.Shop. malls are developed at central locations with a catchment population of 30,000-150,000 with up to 180,000 square feet of rentable space. The November openings include Znojmo, southeast of Prague near the Austrian border, Liptovsky Mikulas in central Slovaka and Dubnica nad Vahom in the northwest, boosting the Stop.Shop portfolio to 33 locations in five countries.
Immofinanz also opened Gold Plaza Baia Mare, the first shopping and entertainment centre in northwest Romania, and rebranded its mall in Constantia. The Baia Mare shopping centre has over 340,000 square feet of rentable space with 100 retail shops, gastronomy zone and cinema and entertainment area, with the occupancy rate at some 80%. Immofinanz noted it is one of only three openings in Romania this year out of 120 originally planned. Its position with a catchment area of over 1m residents is expected to support sustainable success.
Allan Saunderson is a managing editor of Property Investor Europe and a contributor to GlobeSt.com.
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