Central European shopping centre developer Plaza Centres is to increase its exposure to Poland after committing E90m (£67m) to a development in the central city of Kielce.
The London and Warsaw listed company announced today that it had won a competitive tender for a site two kilometres from the city centre, held by Polish National Bus Company branch PKS Kielce.
The deal marks the first business by Plaza since listing in Poland last October, although the company has been active in the country since 1996, developing and selling seven schemes nationwide.
The 1m sq ft ‘shopping and entertainment centre’ in Kielce is aimed at a catchment area of 200,000 people.
Ran Shtarkman, president and chief executive officer at Plaza Centres said: ‘Kielce is a fast-growing city which currently has only very limited high-quality retail outlets or entertainment facilities to offer.’
Development is expected to start mid 2009 and complete at the beginning of 2011.