Capital Park has signed a JV agreement with Akron Group to modernize the ETC retail center in Gdańsk. Alior Bank will finance the project, with a loan amounting to more than €24m. The so-called 4RE investment involves redesigning, remodeling, repositioning and re-commercializing the existing center. “The decision is in line with our long-term strategy to invest in medium-sized, first generation centers,” says Marcin Juszczyk, board member and investment director at Capital Park. “The biggest advantage of these types of projects is their well-established market position, loyal customers and stable income from long-term tenants,” he points out, adding that the project is expected to attract a new group of tenants.
Located at Rzeczpospolitej avenue in Gdańsk, ECT was the first retail center delivered in the city following Poland’s political transformation. The two-story center offers 9,000 sqm of space with 215 parking places.
