NBGI Private Equity & Balmain Asset Management have formed a joint venture to develop its first retail project in Poland

The newly formed partnership between NBGI Private Equity and Balmain Asset Management has announced its first joint development project, a retail scheme in Starachowice, Świętokrzyskie Province, anchored by a Tesco hypermarket.

The development site acquired by the Joint Venture from the city of Starachowice is covered by a valid master plan for a shopping centre of approximately 17 655 sqm (17 600 sqm). According to the project 6200 sqm of leasable floorspace will be dedicated to a Tesco “Extra” hypermarket and will also incorporate up to 30 further retail units, a children’s play area and a sport field created under the government initiative “Orlik.” The new shopping centre will be located at Iłżecka Street, on the East side of the city. 

The project in Starachowice is planned to be the first in the Joint Venture’s portfolio of hypermarket anchored shopping centres in smaller cities where there is currently little or no modern retail floor space. 

James Huckle, Investment Director at NBGI added, “Thanks to our experienced and capable partners the Joint Venture allows us to expand our growing real estate portfolio in Poland into the retail sector and we look forward to realising this exciting project, which is well anchored and has a dominant position in Starachowice.” 

NBGI Private Equity and Balmain Asset Management are planning to invest approximately €25 million in the project. The new investment will generate approximately 600 new jobs. The investors anticipate that building work to the centre will commence in March 2013 with opening date planned for Autumn 2014.