The sale of Galeria Tęcza by the Polish retail developer Rank Progress was by far the biggest deal Rank Progress has closed in the first quarter of 2012. The company believes that it was also the biggest transaction taking place on the Polish retail market over the first three months of the year. Having spent roughly PLN 115m (€ 495m) on the project, Rank Progress sold it on for €37m. Despite the deal, Rank Progress reported making a loss of PLN 25.2m for the first quarter.
