Ahold Real Estate (ARE), the property arm of Dutch retailer Royal Ahold, is to develop three shopping centres in Poland and the Czech Republic in a jv with TK Development and Steen & Strøm.
Royal Ahold will own one third of the venture which will develop shopping centres at Bydgosczc and Torun in Poland, and Ruzyne in the Czech Republic. Euro Mall Holding – the company owned by TK, Steen & Strøm and the Investment Fund for Central and Eastern Europe – will own the remaining two thirds of the venture in Poland. In the Czech Republic, Euro Mall Czech Holding – a jv between just TK and Steen & Strøm – will own two thirds of the Ruzyne project.
The end value of the schemes will range between DKr340m and DKr444 to a total value of DKr1.2bn. ARE will have a two-month option from approval of the local plan to buy the shopping centres outright.
The schemes will each be around 29,000m2 and include hypermarkets let to Hypernova.
TK and Steen & Strøm’s pipeline of jv projects also includes four more schemes in Poland which Danish investor Foras is buying on completion.
