Galeria Młociny, Master Management Group’s flagship retail project situated in a prime location in Warsaw’s Bielany district, has been purchased by Echo Polska Properties and Echo Investment S.A. for a total sum of EUR 104.5 million (EUR 42 million net). The modern retail and entertainment complex is currently under construction and upon completion will offer 70,000 sq. m GLA.
“We are proud to announce the successful sale of Galeria Młociny to Echo Polska Properties and Echo Investment S.A. Master Management Group had a vision of a prime retail complex in harmony with its surroundings and unique leisure features. Thanks to the commitment of our team we have delivered an outstanding and profitable project to the market and gained the trust of major retail chains” said Paul Kusmierz, CEO of MMGM.
“The acquisition of Galeria Młociny is in line with our stated strategy of investing in quality retail assets in strategic locations. Warsaw is underserved per 1000 inhabitant in terms of retail compared to other regional Polish cities. It is worth emphasizing that Galeria Młociny is located in a strategic transport hub, which includes tram terminals, bus stops and an underground station. Młociny is a district which has been systematically gaining new residential estates” – said Hadley Dean, CEO of Echo Polska Properties.
Galeria Młociny was publicly presented for the first time at MAPIC in 2014 and obtained a building permit in 2015 while construction began in September of 2016. The leasing team, led by Michał Masztakowski, has already commercialized 60% of the available GLA and has secured anchor tenants such as the Intermarché supermarket, which will have its Warsaw debut in Galeria Młociny. The fashion segment has attracted Zara and Inditex brands, H&M, VAN GRAAF, C&A and others, there will be a RTV EURO AGD store, while the leisure and entertainment segment will offer a 9-screen CINEMA3D and a Calypso Fitness Club.
“In line with our long-term strategy, the sale of Galeria Młociny is a gateway to new opportunities on the Polish market. We strongly believe in the retail potential of a number of projects situated around the country and will soon be announcing news regarding our portfolio” – added Paul Kusmierz.
“Galeria Młociny is another important step towards strengthening our position as a leading developer in retail sector and Echo’s experience in this division of real estate business” – said Nicklas Lindberg CEO Echo Investment.
Leading brands, strong sports and entertainment segment
Galeria Młociny will offer 220 retail and service units, home to a RTV Euro AGD, a consumer electronic store, an Intermarché supermarket and many popular fashion brands including Zara, Pull&Bear, Massimo Dutti, Bershka, Stradivarius and Oysho, as well as VAN GRAAF, C&A, H&M, CCC and Wojas. There will also be watch and jewelry stores: Apart, Bijou Brigitte, YES, Swatch, Briju and Zibi, while anyone looking for trendy home furnishings and accessories will find them at Zara Home and Mensa Home. The perfumery chains Sephora and Douglas are the first premium brands in Galeria Młociny, there will also be a Body Shop, a MAC and a Rossmann. Leisure and entertainment will be provided by the 9-screen CINEMA3D. Active shoppers will also be able to keep fit at the Calypso Fitness Club and buy sportswear and equipment at GO Sport and Martes Sport. A SMYK store will cater to the needs of kids.
Galeria Młociny will feature a unique food court concept with modern aesthetics, lots of natural light and outdoor seating in the rooftop garden. So far lease agreements have been signed by KFC, Pizza Hut Express, Burger King, Express Kuchnia Marché, Lifemotiv, Olimp, Subway, ZenThai, Sevi Kebab, Compañeros and Saladki. Dunkin’ Donuts is also on-board and will open on the ground floor, near the main entrance to the center.
Outstanding architectural design
Galeria Młociny, with a total area of 220,000 sq. m is an outstanding architectural concept developed by two prestigious architectural studios – Autorska Pracownia Architektury Kuryłowicz & Associates and Chapman Taylor. As a result, a leisure space on the roof with a view of the Młociny Woods and accessible to everyone will be created. In the summer, it will be a place to relax in the open-air food court or to participate in sports. In the winter, it will house the first rooftop ice rink in Warsaw. Inside, the complex will have ceilings high enough for split level stores, there will be spacious piazzas and alleys and lots of natural light. There will also be ample room for large-scale events such as concerts or promotional activities.