Valad Europe and Unibail-Rodamco signed a letter of intent for their second joint venture on the Polish market. After working on a project in Wrocław together, the companies have decided to join forces again to expand the Krokus Shopping Centre in Krakow. Valad took over the project from GE Capital Real Estate last year as part of a retail portfolio acquisition that included nine properties around the country. The investment will expand the mall to 80,000 sqm of GLA.
“We’re putting up the equity for Valad’s project and have started managing it in effort to make the project more competitive with the city’s major retail project, Galeria Krakowska, which will make it possible for us to expand our rental income,” said Jan Dębski, chairman of development at Unibail-Rodamco in Poland, adding that it could end up taking over the project upon completion.
