Globe Trade Centre S.A. (GTC) and Polnord S.A. (Polnord) have signed a term sheet of a joint venture for the development of a modern shopping centre on a 7 ha site in Miasteczko Wilanów in Warsaw, currently owned by Polnord. The planned project will have an approximate size of 60,000 sqm of retail area and an estimated value of over €250 million.

The primary catchment area of the mall includes the most affluent housing districts of Warsaw such as Wilanów and Sadyba, as well as prestigious resort area in Konstancin.

“We are pleased to secure Polnord, a company with over 30 years experience in construction business, as our partner in the shopping centre joint venture. GTC will contribute its know-how in design and development of modern malls, as well its well-established relations with key domestic and international retailers. The shopping centre in the southern part of Warsaw will allow its tenants to expand in the area with the highest purchasing power in Poland,” said Eli Alroy, the Chairman of GTC Supervisory Board.

“The joint venture between GTC and Polnord will create significant value for Wilanów and our shareholders. As a developer of Miasteczko Wilanów we know how much a modern shopping centre is needed in this fast growing housing area. I’m also very pleased with the partnership with GTC as a starting point for future cooperation,” said Ryszard Krauze, the Chairman of Polnord Supervisory Board.

The construction of the mall in Wilanów is expected to start in H2 2010, after obtaining a building permit. The final joint venture agreement is expected to be signed in few weeks after completion of the due diligence.

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