Aura Centrum, Olsztyna
Aura Centrum was acquired by fund manager Rockspring Property Investment Managers with the support of Balmain i.n March 2012
The property of some 25,000 square metres is situated in the centre of Olsztyn and comprises a two-level retail mall with a cinema on the third level. Upon acquisition, Balmain was retained as asset manager and is also responsible for leasing, property managment and providing project service.
Prior to acquiring the property, which was opened in 2005 and extended in 2009, Balmain worked with Rockspring to devise a business plan that would unlock the potential for improvements to the retail offer and increase the rent income, whilst establishing a new identity for the property due to restrictions on the ongoing use of the then “Alfa Centrum” name.
In 2012, Balmain put together and led a project team to develop options for adding more lettable retail area to the property, modernising the mall and addressing a number of technical issues identified during pre-acquisition due diligence. In parallel, Balmain secured several new retailers not yet present in Olsztyn to anchor the modernised gallery.
In 2013 Balmain’s project and development management team delivered the Phase 1 modernisation and reconfiguration of the property which was renamed “Aura Centrum” completion of the transformation in October 2013. The project increased the lettable area by 900 m2 and boosted rent income by 9%.
Balmain Property Management was appointed as property manager and marketing adviser in 2014 implementing an award winning campaign in autumn of 2014.
Planning for the Phase 2 modernisation and reconfiguration works has resulted in the introduction of a new foodcourt which will be completed in late 2016, again managed by Balmain’s Project Services team who will also complete over 30 retail unit fitout modernisations in 2016.