April 02, 2015

Ogrody Shopping Centre completes €60 million redevelopment

Ogrody Shopping Centre completes €60 million redevelopment

CBRE Global Investors Poland, acting on behalf of its Property Fund Central Europe (PFCE) has successfully completed the redevelopment of Ogrody Shopping Centre, Elblag. After 22 months of construction and an investment of more than €60 million, the shopping centre, which created more than a 1,000 new jobs, was opened to the public last weekend.

Ogrody Shopping Centre was originally opened in 2002 and was the first shopping centre to be built in Elblag. The shopping centre has been redeveloped to create an experience that surpasses traditional shopping. Integrating food, fashion, leisure and entertainment with environmental friendly common areas Ogrody is a mixed experience of lifestyle.

The centre, which continued trading during the two phases of redevelopment, now offers 41,500 sqm of retail space. The 131 shops create an attractive tenants mix comprising both high level national and international brands such as Carrefour, Media Markt, TK Maxx, H&M, Reserved, Carry, New Yorker, Douglas, Rossmann, McDonalds, Subway. Anchor tenants occupy over 26,300 sqm on six double floor units.

Ogrody also has a 1,700 sqm fitness centre and a Multikino cinema. The centre car park offers 1,250 free parking places on three floors. The primary catchment area of Ogrody extends beyond Elblag, reaching 300,000 inhabitants within a 30 minutes’ drive.

Meeting customer needs has been a central point of the redevelopment, from design, construction, leasing and marketing. This has been recognised by the customer as on the first three days of business more than 120,000 customers visited Ogrody, which is nearly equal to the entire population of Elblag.

“Ever since we bought the shopping centre in 2006, we knew that there was potential for more than what was offered”, said Martin Sabelko, Managing Director of CBRE Global Investors CEE. “The global economic crisis slowed the process but we are very happy that we have the centre opened now and is offering a fantastic experience to all our customers when they visit.”

The investor of the project is CBRE Global Investors Poland, development project management was led by Acteeum Central Europe, leasing activities were covered by a specially established CBRE Global Investors team in cooperation with Acteeum, CBRE, C&W and JLL. The design was developed by ESA. General Contractor is PORR (Poland) SA.