KPP Retail Expands Portfolio by Four

WARSAW, POLAND-Keen Property Partners Retail, an umbrella brand for Keen Property Partners, Master Management and Development Solutions, is expanding its portfolio by leaps and bounds these days. The locally-based company has two major development plans in place and recently purchased two other regional shopping malls.

“We are excited by the fact that KPP Retail’s already significant portfolio of high-profile regional shopping centres is continuing to grow,” says Richard Keen, managing director of KPP. “Our recent acquisitions such as Galeria Sandomierz, Park Handlowy Eden and the Graf centre, together with our unique development projects such as Galeria Victoria in Wałbrzych, and the new plans for Gniezno, are the result of the cooperation of some of the best specialists and advisors that together create the quality represented by the KPP Retail brand.”

The Galeria Victoria in Wałbrzych is part of a larger revitalization project. The two-story shopping mall is poised for a Spring 2010 opening now that KPP Retail officially received the building permit last week. The property, which can hold 180 shops, is already 40% pre-leased to retailers such as Carrefour, Cinema City, Martes Sport, Scotch & Soda, Vision Express, Big Star, Pierre Cardin, Choco Cafe, Triumph, and Swiss. Brokers with CB Richard Ellis are handling the leasing agreements.

The architecture firm Chapman Taylor designed the property. The total investment cost for the mall is $96.3 million. But the mall isn’t the only structure about to rise from the ground. As part of the mixed-use development a hotel and residential units are going up as well. The city will also see an open-air amphitheater and ice-skating rink Although the details of that portion of the project are not known, the phase is expected to cost $25.7 million.

“The construction of Galeria Victoria fits ideally with our City Centre Revitalization Programme,” said the President of Wałbrzych, Piotr Kruczkowski, during the press conference held to announce the project. “One of my priorities has always been livening up the old town area of Wałbrzych, where life practically stops after 4:00 pm. I hope that in only a few months’ time, the citizens of Wałbrzych will be able to enjoy there free time here.”

Additionally, the firm is working on the Gniezno project, also designed by Chapman Taylor, which will hold nearly 100 stores. The mall, going up in Gniezno, is still in the early planning stages but KPP Retail plans to open the doors by late 2010, according to a release. It will house a supermarket, electronics stores, home furnishing outlets and several restaurants.

KPP Retail acquired the Galeria Sandomierz project in Sandomierz. The mall will be the first modern shopping center in the town when phase one opens in April. At completion the mall will be two separate one-story buildings totaling 32,808 square feet. A Carrefour Express supermarket, restaurant, cosmetics store and electronic goods store will be among the tenants in the first building. KPP Retail puts of the value of the investment at about $16.7 million.

Development isn’t the only thing on KPP Retail’s plate. In December the firm purchased the Park Handlowy Eden in Zgorzelec for $21.6 million. The mall opened in May 2008 and is home to 29 stores. Also in December KPP Retail paid $9.6 million for the Graf Centre in Chełm, which opened in August 2008.