BIALYSTOK, POLAND-Construction for a $22.44-million (euro $17 million) shopping center is set to start next month in this border town. When the 188,174-sf, 60-store Galeria Podlaska opens this time next year it will be one of the largest retail centers in northeastern Poland.
The developer is the real estate group Quinlan Private Golub. Its equity partner is Spirit International. Galeria Podlaska is the first project in Poland for the partnership and the second retail project in Poland for Quilan Private Golub.
Bialystok attracts shoppers from the entire Podlasie region as well as from neighboring Belarus. Spirit International CEO John Donnelly says the market is underbuilt from a retail standpoint and Quinlan Private Golub managing director Graham Kilbane says Galeria Podlaska will be one of the more modern retail buildings in the region.
Galeria Podlaska will be located on Wysockiego Street, four kilometers from the city center. The shopping center is convenient to three major residential areas--Jaroszówka, Wysockiego and Zgody—and will be the nearest shopping destination for people visiting from Belarus, which lies 48 kilometers away.
Quinlian Private Golub is a joint-venture between Quinlan Private, an Irish independent private client advisory group, and Golub & Co., an international real estate developer and investment company based out of Chicago. Focused on residential, retail and mixed-use projects, the JV is the largest real estate developer, investor and asset manager in Central and Eastern Europe. In Poland, the JV is involved in several developments including Oakland Park, Warsaw Financial Center, Warsaw Corporate Center and International Business Centre I & II.
Spirit International is a real estate advisory company based in Algarve, Portugal. In 2005, two years after the company was formed, Spirit International launched a Dublin, Ireland-based property development division. The company plans to invest $264 million (euro 200 million) developing retail and residential projects in Poland over the next three years.
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