Valad Europe, the real estate investment manager in Europe, is in advanced negotiations with Unibail-Rodamco to create a joint venture partnership that will redevelop and add a 50,000 sq m extension of gross leasable area (GLA) to the Krokus Shopping Centre in Kraków, Poland.
Located in the north eastern part of Kraków, the Krokus Shopping Centre currently has a total GLA of 30,000 sq m and is conveniently located nearby the Multikino cinema complex and Park Wodny waterpark.
Thierry Leleu, Valad Europe's Head of Funds Management, commented: "Once the joint venture with Unibail-Rodamco is finalised, we will have an unrivalled opportunity to redevelop Krokus into a contemporary shopping centre that better suits the needs of the local residents and workforce, as well as retailers looking for prime retail space in Kraków. The planned extension will increase the GLA to around 80,000 sq m, transforming the Centre into a state-of-the-art shopping centre and one of region's prime retail destinations."
Krokus Shopping Centre is part of Valad Europe's Polish Retail Fund, a closed ended fund comprising six high quality shopping centres and three hypermarkets, totalling 300,000 sq m, located in seven of Poland's key cities including Warsaw, Kraków and Wroclaw.
Valad Europe manages €4.3 billion of assets in Europe, across 16 funds and mandates, comprising more than 600 assets and 5,500 tenants, with the retail sector representing 20% of Valad Europe's total assets under management. Valad has a team of more than 20 working out of its Polish office in Warsaw.
Located in the north eastern part of Kraków, the Krokus Shopping Centre currently has a total GLA of 30,000 sq m and is conveniently located nearby the Multikino cinema complex and Park Wodny waterpark.
Thierry Leleu, Valad Europe's Head of Funds Management, commented: "Once the joint venture with Unibail-Rodamco is finalised, we will have an unrivalled opportunity to redevelop Krokus into a contemporary shopping centre that better suits the needs of the local residents and workforce, as well as retailers looking for prime retail space in Kraków. The planned extension will increase the GLA to around 80,000 sq m, transforming the Centre into a state-of-the-art shopping centre and one of region's prime retail destinations."
Krokus Shopping Centre is part of Valad Europe's Polish Retail Fund, a closed ended fund comprising six high quality shopping centres and three hypermarkets, totalling 300,000 sq m, located in seven of Poland's key cities including Warsaw, Kraków and Wroclaw.
Valad Europe manages €4.3 billion of assets in Europe, across 16 funds and mandates, comprising more than 600 assets and 5,500 tenants, with the retail sector representing 20% of Valad Europe's total assets under management. Valad has a team of more than 20 working out of its Polish office in Warsaw.
