DGAP-News

IMMOFINANZ Group to construct next VIVO! shopping center in the Polish city of Krosno

DGAP-News: IMMOFINANZ AG / Key word(s): Real Estate/Miscellaneous
IMMOFINANZ Group to construct next VIVO! shopping center in the Polish
city of Krosno

21.01.2015 / 10:54

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IMMOFINANZ Group is continuing the expansion of its newly established VIVO!
shopping center brand: a six hectare site was secured in Krosno, a city in
southern Poland, for the construction of a further VIVO! shopping center.
Construction should be completed in the first quarter of the 2017 calendar
year. The investment costs are estimated at roughly EUR 37 million.
IMMOFINANZ Group is realising this development venture together with
Acteeum Group, a retail project development specialist (distribution at the
shareholder level: 85% IMMOFINANZ, 15% Acteeum).

"We plan to continue our expansion in the Polish retail sector - in 2014
alone, we opened 33,000 sqm of retail space in this core country. Krosno
follows the VIVO! Pila, which opened in October 2014, and the VIVO! Stalowa
Wola, which is now under construction, as the third city in Poland for our
VIVO! brand. Further locations are currently under evaluation to drive the
rapid expansion of the VIVO! chain", explained Eduard Zehetner, CEO of
IMMOFINANZ Group.

The new shopping center will have approx. 22,000 sqm of rentable space for
more than 70 stores as well as roughly 800 parking spaces. The location
offers optimal traffic connections in the southern area of the city with
direct access to the newly built ring road. The VIVO! Krosno will therefore
be easy and fast to reach from both the city center and the surrounding
region. Krosno has a population of approx. 50,000 and low unemployment plus
a catchment area, including the cities of Jaslo and Sanok, with roughly
350,000 residents.

Similar to the VIVO! Stalowa Wola development project, IMMOFINANZ Group
will also realise this latest VIVO! venture in cooperation with Acteeum
Group. The design phase has already started and discussions with potential
tenants have proven to be very promising.

The characteristic features of the VIVO! concept include single-storey
construction and a focus on fashion and entertainment with strong anchor
tenants. This concept is designed for cities with 40,000 to 100,000
residents and a catchment area of at least 200,000 persons.


On IMMOFINANZ Group
IMMOFINANZ Group is one of the leading listed property companies in Europe.
The company is included in the leading ATX index of the Vienna Stock