Union Investment Real Estate starts the comprehensive modernization of „3 Stawy” and extends lease agreements with two major tenants. The 1999-built shopping center will be upgraded by Budecon, which has been chosen as a prime contractor of the undertaking worth PLN 12 million.
The modernization work will be commenced this month and is scheduled for completion in September 2014. In addition to improving the lighting and refurbishing sections of the ceiling panels, the modernisation comprises replacement and renewal of the mall’s flooring. As part of the work, three new rental units with approximately 300 sq. meters of space will be created and the food court and entrance zone remodelled. „Overall, the work will help give the center a more contemporary appearance, with an improved visitor experience translating into customers staying longer“ – said Volker Noack, a member of the management team of Union Investment Real Estate.
Comprising approximately 37 200 sq. meters of retail space, the shopping center has been part of the portfolio of open-ended real estate fund UniImmo: Global since 2008. By agreeing lease extensions last year ahead of expiry with Real and H&M, to 2026 and 2021 respectively, Union Investment has secured the long-term presence of two anchor tenants. With the exception of a few sections, the property has been fully let since acquisition.