Build it quick
Retail & leisurePOLAND The strategy is simple: buy an attractive plot, develop the project and sell it at a profit. "We looked at several markets in the CEE region, but after conducting thorough analyses we decided to opt for Poland, where we can focus on the retail market.
However, we do not want to compete with the biggest developers, so we are not interested in developing huge shopping centres. Instead, we are going to concentrate on smaller centres mainly located in small towns," declares Kurt-Georg Herzog, a member of the management board of Elbfonds Group. Elbfonds has been present on the property market for five years and has been active in Poland since 2006. In 2010 the company established its subsidiary Elbfonds Development to operate on the Polish market. Its portfolio now includes app. 80,000 sqm of retail space in projects at various stages of development. Most should be completed by the end of 2012, when the company's portfolio is likely to have been extended by up to 150,000-160,000 sqm. The company currently has around ten shopping centres under construction, with the number set to grow by another 10-15 in 2012. The total value of the projects is estimated at app. EUR 100 mln. Where is this money coming from? From Direkt Invest Polen closed
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