Immofinanz’s third Vivo! retail center is getting underway in the Polish town of Krosno. The developer has just secured all permits needed to start work on the 6 ha plot. Worth about €37m, the investment is scheduled for completion in the first quarter of 2017. Immofinanz is partnering with Acteeum Group, which will have a 15-percent stake in the project. The two companies worked together on the Vivo! center in Stalowa Wola.
The Vivo! center in Krosno will offer 22,000 sqm of commercial space in 70 retail units. Krosno has a population of approximately 50,000 and low unemployment. The town is close to Jaslo and Sanok, offering a catchment of 350,000 residents. The single-story Vivo! concept targets cities with 40,000 to 100,000 residents and a catchment area of at least 200,000 residents.
“We plan to continue our expansion in the Polish retail sector. In 2014 alone, we opened 33,000 sqm of retail space in this core country. Krosno follows Vivo! Pila, which opened in October 2014, and Vivo! Stalowa Wola, which is now under construction. Further locations are currently under evaluation to drive the rapid expansion of the Vivo! chain,” said Eduard Zehetner, CEO of Immofinanz Group.
