Euro Mall Holding, a subsidiary of TK Development, has entered into an agreement for the sale of a 10,600 m[sup]2[/sup] retail park in Ostrava, the Czech Republic, to GE Real Estate Central Europe. The selling price is expected to amount to about DKK 120 mln (EUR 16 mln) and construction is scheduled for completion in autumn 2007.
Euro Mall Holding, a subsidiary of TK Development, has entered into an agreement for the sale of a 10,600 m2 retail park in Ostrava, the Czech Republic, to GE Real Estate Central Europe. The selling price is expected to amount to about DKK 120 mln (EUR 16 mln) and construction is scheduled for completion in autumn 2007.
The retail park is connected to the existing Futurum shopping centre, also built by TK Development and partly owned by GE Real Estate Central Europe. The Futurum shopping centre opened in May 2000 and the 68 stores in the have been fully let. The centre was about 6 million visitors a year.
Euro Mall said this was its first sale of a retail park in the Czech Republic, and it anticipates more projects in this segment in future. The company expects a profit of about DKK 240 mln after tax and minority interests for the 2006/07 financial year.
Separately, Eurobuild Poland magazine reported TK Polska Operations is to open a retail park alongside the existing Targowek Shopping Centre in Warsaw in May 2007. The main tenants in the new 24,500 m2 complex will include Saturn (leasing almost 7,000 m2), Opex (nearly 5,000 m2) and Biedronka. The developer's next projects will be a 14,000 m2 centre in Tarnow and one measuring 16,000 m2 in Nowy Sacz.
Targowek Retail Park will be phased in units of 12,300 m2 and 12,900 m2, respectively. The project will contain large stores with a sales area over 2,000 m2 and an additional parking lot for 740 cars. The project is scheduled for opening in May 2007, Eurobuild Poland said.
