Briefs

AM in the Czech Republic for the moment

The AM Dutch developer firm has opened its first shopping centre in the Czech Republic, but plans also include Poland. The Olympia centre in Plzen of 33,000 sqm space was built in cooperation with Ahold Real Estate which included the Hypernova hypermarket (14,500 sqm) in the project. The cost was 65 million euro. The next AM shopping project in the Czech Republic will be constructed in Prague together with Rodamco, a Dutch investment company. AM (once known as Amstelland MDC), quoted on the stock exchange has announced its plans to enter other Central European countries, including Poland, though precise expansion plans are still confidential. AM constructs trading, office and residential buildings, with projects under way in Holland, France, Belgium, Germany, Spain, Portugal, Britain and the Czech Republic. AM earnings in 2003 amounted to 1.1 billion euro at a net profit of 75 million euro.

Multiplex cinema in Galaxy

The "Multikino" multiplex cinema in Szczecin boasts almost 1,000 sqm screens and more than 2,000 seats in 9 halls after opening on the 5 March in the Galaxy shopping centre. The investor is ITI Group, while the developer of the whole project is Echo Investment of Kielce. This multiplex cinema has a utility area of almost 5,000 sqm, the estimated cost of the investment being 16.5 million zlotys.

ITM Polska's investments

ITM Polska - owner of the Intermarche and Bricomarche retail chains plans an increase of around 30 percent in this year's earnings, from 1.45 billion to more than 2.1 billion zlotys. This is to be the outcome of opening 48 new shops; among other moves that means ITM would manage a total of 155 shops if that came about. This year's investments are to reach 170 million zlotys. ITM Polska associates individual traders who sell goods in their shops under one brand. This year there are to be 137 members, once 45 new candidate-members are accepted.

Warsaw wants more cash from Arkadia

Warsaw is demanding more than 6.5 million zlotys annually from ERE the investor of the Arkadia shopping centre, as payment for perpetual usufruct of the land on which it stands. To the present it is paying less than 200,000 zlotys per annum for 15 hectares of city centre land. The conflict is to be settled by the local government appeal board.