On August 13, 2015 a new joint venture between Rockcastle Global Real Estate Group Limited and Acteeum Group acquired the Galeria Wolomin development project from Fulcrum Properties, a Malta based real estate investment group.
Galeria Wolomin is a 25 000 sqm gross lettable area (GLA) shopping center development in Wolomin, a suburb of Warsaw with 40,000 inhabitants. The catchment area (less than 40min drive) for the center consists of over 200,000 inhabitants.
Galeria Wołomin will be the first modern retail center in Wołomin. It is over 50 % pre-leased and will be anchored by a Carrefour hypermarket of 5700 sqm. Other tenants will include national and international retailers such as, H&M, Reserved, Cropp, House, Sinsay, MediaExpert, CCC, Hebe and Carry. Customers will benefit from an extensive free car park providing over 800 parking places.
Construction of the scheme commenced late 2014 with Eiffage Polska Budownictwo as the general contractor but the development timelines have been extended to allow for a design review process to improve the tenant offering and format of the shopping centre. The Joint Venture partners are targeting a Grand Opening of the center in autumn 2016. The shopping centre may be extended in the future by an additional 6,500 sqm GLA retail park to meet potential tenant demand. It is the ambition of the owners, Rockcastle and Acteeum, to ensure that Galeria Wołomin becomes the major meeting place and leisure destination of Wołomin. The development scheme has the support of the city of Wołomin and the new owners plan to extend the collaboration further.
Acteeum as a 10% shareholder in the new Joint Venture will act as project manager and leasing coordinator. As part of its strategy to become a major retail property owner in Poland, Rockcastle will add its 90% equity share to its other recently announced acquisitions as one of its long-term retail investments. The purchase price has not been disclosed.
Rockcastle and Acteeum are also jointly investing in the development of Galeria Tomaszów in Tomaszów Mazowiecki.