ECE Polska Starts Construction Of Zielone Arkady Shopping Centre
News: On April 29, Poland-based ECE Polska started construction works on the Zielone Arkady shopping centre in the Polish city of Bydgoszcz, with an investment amount of about EUR150mn (USD207.64mn). The asset is scheduled to open in the winter of 2015 and comprises a leasable area of 50,000 square metres. The centre is the largest project of the company and will include 200 shops and restaurants on three levels. Leasing of the mall started a few weeks ago, with almost 40% of the complex already leased out. Once completed, Zielone Arkady will be the largest shopping centre in Bydgoszcz.
BMI View : 2014 looks set to provide further improvement in terms of macroeconomic fundamentals, which will drive demand for and investment in the commercial real estate market. Our Country Risk team forecast Poland's economy to grow by 2.3% this year in real terms, which will be driven in large part by a notable uptick in export volumes as well as moderate growth in consumer spending. Underpinning our continued relative optimism for the country's commercial real estate sector is growing activity in the local construction market. Furthermore, the growth of foreign direct investment, witnessed during H214 is expected to continue at a steady pace during the course of the year, which should help to re-invigorate the commercial real estate sector as it continues to suffer the after effects of the global financial crisis.