Further extension of Silesia City Center? Not so fast

Over the recent days, some media was reporting that the Silesia City Center (SCC) shopping complex would be extended again by additional 40 000 sq. meters despite of the last year’s enlargement delivered in October. Janusz Olesiński, a representative of Immofinanz Group – an owner of SCC, pours cold water over the news.

Silesia City Center was extended by approximately 20 000 sq. meters last year and offers 86 000 sq. meters of retail space at present. It is the fifth biggest Polish shopping center. “The number of visitors grew by 26 percent year-on-year in the first quarter of 2012. Also there is a long list of potential tenants who wait for the vacant retail space in SCC” – Olesiński says.

“However, it does not mean we now prepare for the additional extension. It was a misunderstanding. As a matter of fact, when we were designing the Center’s extension, the project included additional 40 000 sq. meters of space in the central and east wings. Last year we have extended the west wing” – he explains. “Though, this type of investment process needs time, financial funds and a cost-effectiveness’ evaluation. We also have to make allowance for the new shopping center being built together with the new Railway Station and the planned one at Piotra Skargi Sq. There is very important to take into account a type of the potential tenants and rental prices that we can propose for them.”

“Considering the above-mentioned aspects, there is a possibility to extend Silesia City Center, but Immofinanz has not made a decision in this regard” – Janusz Olesiński finished.