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A newly-created joint venture to construct a shopping centre in Starachowice

CH w Starachowicach.

NBGI Private Eguity, Balmain Asset Management and Claybark have created a joint venture company in order to develop their first joint project – a retail scheme in Starachowice in Świętokrzyskie Voivodeship with a Tesco hypermarket being the anchor tenant.

The plot, acquired by the joint venture company from the Starachowice City Council is included in the binding spatial development plan which designates land for the construction of a shopping centre with an area of around 17,600 sqm. According to the design, 6,200 sqm of leasable area will be rented to the hypermarket Tesco “Extra”. Moreover, the shopping centre will house 30 shops, a playground for children and an “Orlik” football field. The centre will be situated in the eastern part of the town at Iłżecka Street.

The project in Starachowice is the first joint enterprise planned by the joint venture company as part a of creating the portfolio of shopping centres anchored by a hypermarket in smaller towns where no modern shopping centres are presents or their number is insufficient.

Harvey Curtis, Managing Partner at Claybark has commented on the newly-created joint venture:“We are glad to be able to cooperate with NBGI and Balmain Asset Management in creating the first major retail scheme in Starachowice. We hope that it will be one of many similar scale projects which we are going to realise with our business partners all over Poland.”

James Huckle, Investment Direct at NBGI has added: “Owing to experience of our partners, the joint venture created will allow us to broaden our growing portfolio of properties with some commercial properties. The retail scheme in Starachowice will have a dominating position on the town’s market, additionally boosted by the presence of Tesco hypermarket, which is why we believe that work on this project will provide us with lots of satisfaction.”

NBGI Private Equity, Balmain Asset Management and Claybark intend to invest around EUR 25 million in the project. The newly-created shopping centre will provide jobs for around 600 people. The investors estimate that construction works should start in March 2013. The launching of the centre is scheduled for autumn 2014.

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