The real estate development company has had to delay the opening of its €470m (£316) shopping centre development in Warsaw until early next year.
The Zlote Tarasy Shopping Centre on Al Jerozolimskie, which is being developed by Zlote Tarasy, an affiliate of ING’s, was due to open next month but will open in the first quarter of next year. ING said it had postponed the opening because the contractor Skanska had not honoured its contractual obligations to have the centre ready for opening in November.
Marcel Kooij, managing director of Zlote Tarasy, said: “We deplore that, in spite of substantial incentives offered by us, Skanska has not been able to deliver the technical installations of the centre timely. We had no other choice than to make the regrettable decision to postpone the opening. In close cooperation with our tenants we will work towards an opening in the first quarter of 2007. The exact opening date will be announced as soon as possible.”
He added that the delay will ‘have no material impact on the results of ING Real Estate’. ING Real Estate Investment and Rodamco Europe have agreed to buy a 50% stake each in the shopping centre. A spokesman for ING Real Estate Investment said the delay in opening would not affect the deal.
Zlote Tarasy’s 200 shops are almost full let ahead of opening and many of the retailers are new to Poland, including, Naf Naf, Bertoni, Next, Body Shop, Mac, Claire’s Accessories, Petit Patapon, Gortz, Vagabond, Aerosoles, Koh-I-Nor and Fabrikant. The anchor tenants of the 683,530 sq ft (63,500 sq m) retail and leisure scheme are Marks & Spencer, Zara and H&M.