Futureal to complete Polish shopping centre in spring 2012

Deals

The Nova Park retail center, under construction through investment of €70 million in Gorzow Wielkopolski (W Poland), is expected to be completed in the spring of 2012 and will then be worth an estimated €120 million, CEO of the Hungarian co-developer Futureal Development Tibor Tatár said on Tuesday.

Futureal owns a 50%-plus-one-share stake in the project company established with Caelum Development to build the 32,400-square-meter shopping center 70 km from the border of Germany.

The project is partly funded from a €50 million loan provided by Poland's BZ WBK Bank. Futureal said that 75% of the space has already been rented at the shopping center, which will open in the first quarter of 2012.

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