Master Management Group has taken over the management of seven shopping centres located throughout Poland. This is part of the company’s long-term strategy, which after the sale of Galeria Młociny for EUR 104.5 million, plans to tap into the potential of commercial markets primarily in smaller cities.
The centres which have been taken over by Master Management Group are located in Poznań, Szczecin, Lubin, Kutno, Ciechanów, Piekary Śląskie and Józefosław. The company also manages Brama Mazur in Ełk and Galeria Niwa in Oświęcim, which together with the new shopping centres account for a total of about 100,000 sqm of retail space. In addition, Master Management Group is also working on four investment projects – three shopping centres in Kołobrzeg, Legionowo and Zawiercie, as well as a mixed use office complex Piotrkowska 155 in Łódź, with a Hampton by Hilton hotel and retail space.
“Master Management Group is consistently pursuing a long-term strategy of adding value and active management of commercial projects, mainly outside of the largest Polish agglomerations,” said Paul Kusmierz, CEO of MMG. “The contract to manage a shopping centre portfolio of more than 60,000 sqm is another success following the sale of Galeria Młociny in March. These facilities have tremendous potential and we see many opportunities for their development – from non-standard marketing activities to consumer activations that build engagement and lead to increased footfall, and therefore higher profitability.”
According to Paul Kusmierz, it is also worth investing in new commercial projects in cities of 50,000 to 100,000 inhabitants. The spending power of consumers across Poland is growing, and with it an appetite for shopping and spending time outside the home.
“Well located and managed shopping centres with an interesting tenant mix, a wide range of leisure and entertainment facilities, where a variety of events takes place, are a great investment,” added Paul Kusmierz. “Tenants are also aware of this, and therefore want to be present not only in the largest agglomerations.”