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Promenada in Warsaw to Expand

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The owner and operator of Warsaw’s Promenada shopping mall, Carpathian PLC, has purchased the Poldrim shopping centre next door and plans to add it to the mall. The company indicated that the new area would help to unlock future expansion opportunities for the well known and popular Promenada. Poldrim is a 5,500 square metre plot which is anchored by a Go Sport retail store and also has 61 car parking spaces.

Promenade is one of the most popular and profitable shopping centres in Warsaw and has over 55,000 square metres, or 590,000 square feet, of retail and office space. The mall opened in 1996 and today has 220 stores, a supermarket, a 13-screen movie theatre, a bowling alley and an ice skating rink that is open year round. It is located in the Praga district in east Warsaw and is accessible by public transportation.

Paul Rogers, Director of Carpathian Asset Management, said: “The acquisition of this additional property is an excellent step for Carpathian which will provide future opportunities to enhance the Promenada Centre, which despite wider economic concerns continues to see increased turnover figures from tenants and lease renewals at substantially increased rental levels. This is one of a number of achievements planned to maximize the value of the portfolio and deliver long-term benefits to shareholders.”

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