Unibail and Valad Europe agree to redevelop and extend Krokus Shopping Centre in Krakow
Unibail-Rodamco and Valad Europe have agreed the redevelopment and extension of Krokus Shopping Centre in Krakow.
Located in the north-eastern part of Krakow, the centre currently has a total gross leasable area (“GLA”) of 30,000 sqm and is conveniently located near the Multikino cinema complex and Park Wodny waterpark.
The redevelopment plans will add a further 50,000 sqm of GLA, transforming the asset into a state-of-the-art jumbo shopping centre, reflecting the needs of the local residents and workforce, together with the requirements of increasingly sophisticated retailers seeking prime retail space in Krakow.
Arnaud Burlin, Unibail-Rodamco’s Managing Director for Central Europe, commented: “We are preparing a state-of-the-art, large regional shopping mall in co-operation with our partners, in order to achieve an unprecedented level of customer experience in the City of Krakow.”
Karol Pilniewicz, Valad Europe’s Head of CEE, added: “We are delighted to have agreed with Unibail on the Krokus redevelopment. This development will significantly enhance the return for our investors and provide Unibail the opportunity to eventually own and operate a jumbo shopping centre in Krakow.”
Krokus Shopping Centre is part of Valad Europe’s Polish Retail Fund.