Atrium Promenada | Warsaw, Poland
UL. OSTROBRAMSKA 75C, WARSAW, POLAND
ABOUT THE ASSET
In 2011, Atrium European Real-Estate, Gazit Globe’s European subsidiary, completed the acquisition of the Promenada Shopping Centre in Warsaw, Poland - one of Warsaw’s largest shopping centers, with a total gross leasable area (“GLA”) of 54,000 square meters, comprising 42,000 square meters of retail across three floors under 12,000 square meters of offices.
As of September 30, 2016, the center has an occupancy level of 94% by GLA, is anchored by a 4,000 square meters Alma supermarket, as well as a 6,600 square meters Cinema-City and houses a number of other strong international and Polish retail brands including Agent Provocateur, Bennetton, LaCoste, Electroworld, H&M, Zara, Go Sport, Empik, Max Mara, Versace and Liu Jo.
In addition to achieving an immediate cost saving through internalizing the center’s management when acquiring the asset, Atrium also identified a number of short-term value enhancing initiatives at the center that created an immediate increase in NOI.
In order to progress the development potential of the asset, Atrium also acquired an adjacent 22,500 square meters land plot for the intention of building an extension to the center.
This transaction was in line with Gazit Globe's strategy of growth through adding value by extending and redeveloping existing assets and focusing on key urban growth markets.
During September 2016, Atrium has completed the first phase of a major redevelopment that ultimately will double the asset’s GLA to approximately 100,000 square meters.