Imofinanz to invest 115 million euros in Polish retail
VIENNA (Reuters) - Austrian property group Immofinanz (IMFI.VI) plans to invest 115 million euros ($148 million) to build a new upmarket shopping centre next to the castle in the centre of the Polish city of Lublin, it said on Tuesday.
Immofinanz said it planned to start construction this month with the opening scheduled for 2014. It said it was already in intensive negotiations with international and local retailers for occupancy of the centre's 150 retail units and food outlets.
The company said it was investing an additional 12 million euros to support the development of the city, which is trying to revitalize the area around the castle and the old town.
More than half of Immofinanz's assets are in eastern Europe, where it is contemplating a market listing. ($1 = 0.7749 euros)
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