CEE commercial property developer GTC and Warsaw-listed Polnord are partnering to develop a modern shopping centre on a seven-hectare site in the Miasteczko Wilanów district of Warsaw, currently owned by Polnord. The planned project will feature 60,000 m2 of retail area and will require an investment of around EUR 250 mln.

'We are pleased to secure Polnord, a company with over 30 years experience in construction business, as our partner in the shopping centre joint venture', said Eli Alroy, Chairman of GTC's supervisory board.

GTC has developed a number of shopping centres in Poland, including Galeria Mokotów in Warsaw, the first shopping centre in Poland. Other projects include Galeria Kazimierz in Krakow and Galeria Jurajska in Czestochowa.

'As a developer of Miasteczko Wilanów we know how much a modern shopping centre is needed in this fast growing housing area. I'm also very pleased with the partnership with GTC as a starting point for future cooperation,' added Ryszard Krauze, Chairman of Polnord's supervisory board.

The construction of the mall is expected to start in the second half of 2010, after the building permit is obtained. The final joint venture agreement is expected to be signed within a few weeks after completion of the due diligence.