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Developer GTC to launch Galeria Polnocna project mid-year, opening in H1 2017

TAG'S: GTC, Developers (Real Estate)



Listed real estate developer GTC wants to launch construction of the Galeria Polnocna shopping mall project in the Warsaw district of Tarchomin mid-year and expects the mall to be opened in H1 2017, company officials told a news conference.



"We haven't set the final opening date, but the process of building will last 22-24 months, so we may expect it will be operational in H1 2017," general director Piotr Kroenke said.


The company still has to sign a deal with the general contractor and plans launch of the construction either in Q2 or in early July, the official said.


The company eyes signing a deal with listed builder Unibep.


Building the mall will cost EUR 160 mln, according to GTC's earlier estimates, confirmed by officials at the conference. Half of the cost will be financed with debt. The cost in 2015 should amount to EUR 12 mln.


The mall is planned to have net leasable space of 64k sqm.


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