Stocznia, Young City

Based on current plans, this multifunctional centre in Gdansk, Poland, will have total premises of about 61,000 m², to be developed in a joint venture with Atrium European Real Estate. The centre will comprise retail, restaurant and leisure facilities. Two previously planned residential towers totalling about 22,000 m² and the 11,000 m² office project have been put on hold. Atrium European Real Estate has undertaken the overall project financing and will retain a long-term investment in the retail, restaurant and leisure premises. Negotiations are being held with several tenants, all indicating keen interest in renting premises in the centre. During the development period, TK Development will generate earnings through fee income and a profit share based on the rental income obtained when the centre opens. The building permit is expected to be issued in 2010. Once the work on the town’s infrastructure has begun, it will be decided when to start project construction. This project represents the first phase of a major development plan for the whole area.