Currently it operates in Poland, Hungary, the Czech Republic, Romania, Serbia, Croatia, Slovakia, Bulgaria, Russia and Ukraine. (GTC S.A.) is one of the leading developers in the New Europe and was established in 1994 in Warsaw. The final joint venture agreement is expected to be signed in few weeks after completion of the due diligence. The construction of the mall in WilanГіw is expected to start in H2 2010, after obtaining a building permit. IвЂ™m also very pleased with the partnership with GTC as a starting point for future cooperation.вЂќ вЂ“ said Ryszard Krauze, the Chairman of Polnord Supervisory Board. As a developer of Miasteczko WilanГіw we know how much a modern shopping centre is needed in this fast growing housing area.

вЂњThe joint venture between GTC and Polnord will create significant value for WilanГіw and our shareholders. The total land bank of the company comprises approximately 1,5 million sqm of building rights. Today Polnord is active in residential, office, hotel and retail sectors. It commenced business activity its in 1977 as an export general contractor. Polnord is one of the most experienced companies in the construction and developer market in Poland, listed on the WSE. GTC has also shopping malls under various stages of development in Czech Republic, Romania, Bulgaria and Croatia. GTC owns Avenue Mall in Zagreb and three small-size shopping centres in Romania. In KrakГіw GTC developed Galeria Kazimierz and in October 2009 the company opened Galeria Jurajska in CzД™stochowa. GTC was the developer of Galeria MokotГіw in Warsaw вЂ“ the first and the most prestigious shopping centre in Poland. The shopping centre in the southern part of Warsaw will allow its tenants to expand in the area with the highest purchasing power in PolandвЂќ вЂ“ said Eli Alroy, the Chairman of GTC Supervisory Board. GTC will contribute its know-how in design and development of modern malls, as well its well-established relations with key domestic and international retailers. вЂњWe are pleased to secure Polnord, a company with over 30 years experience in construction business, as our partner in the shopping centre joint venture. The primary catchment area of the mall includes the most affluent housing districts of Warsaw such as WilanГіw and Sadyba, as well as prestigious resort area in Konstancin. m of retail area and an estimated value of over Eur 250m. The planned project will have an approximate size of 60.000 sq. (Polnord) have signed a term sheet of a joint venture for the development of a modern shopping centre on a 7 hectare site in Miasteczko WilanГіw in Warsaw, currently owned by Polnord. Construction is planned to start in H2 2010.The planned shopping centre will be constructed on a 7 hectare site in WilanГіw, one of the most prestigious districts of Warsaw.GTC and Polnord are going to jointly develop a modern mall in Warsaw/p>.

Future shopping mall project