PL

Valad extends Butovice

Retail & leisure
CZECH REPUBLIC Valad Europe, part of Cromwell Property Group, has pre-leased 15,000 sqm of space, which is currently under construction, to Austrian retailer Kika Nabytek for a new store in the Galerie Butovice shopping centre in Prague.

Planning permission was granted in November to expand the shopping centre by 15,000 sqm to 51,000 sqm, to make it one of the leading retail destinations in western Prague and construction work has been in progress since December by general contractor HSF System. Since Valad acquired the centre two years ago for its Valad Central European Retail Partnership [VCERP] fund more than 40 new leases and lease renewals have been signed including the lease renewal of hypermarket Ahold / Albert until the end of 2027. Karol Pilniewicz, the head of the CEE at Valad Europe, commented: “Since acquiring Galerie Butovice two years ago, we have made huge progress restructuring the asset, improving its lease profile and tenant mix and now adding 15,000 sqm of prime retail space for one of the major retailers in the region." VCERP invests in first and second generation shopping centres, retail parks and retail outlets in primary and secondary locations in Poland and the Czech Republic. Valad Europe manages funds worth just under EUR 4 bln in Europe. In Central Europe, the company manages app. EUR 870 mln of assets with 730 tenants, occupying 985,000 sqm of space across Poland, Czech Republic, Hungary and Romania.

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