Galeria Pomorska, Bydgoszcz

Since acquiring the 30,000 m2 Carrefour anchored Galeria Pomorska shopping centre in 2005, Balmain has led the modernisation and extension of the asset by a further 10,000 m2. When completed in 2015 the extension saw the number of shops increase to 135.

 

Major retailers introduced to Galeria Pomorska have included H&M, Bershka, Stradivarius, C&A, KappAhl, McDonalds, KFC, Rossmann, Mohito, Sinsay, Home & You, Medicine, Diverse, Bytom, Deichmann, Martes Sport, Pepco and Kino Helios creating a comprehensive retail, leisure and grocery based centre.

 

Galeria Pomorska was developed by TK Developments and opened in 2003 featuring 86 stores anchored by Hypernova, now Carrefour hypermarket. The property presently comprises of 100 stores.

 

Balmain acquired Galeria Pomorska from TK Developments for a UK private client in February 2005, also arranging the debt facility. In late 2005, Balmain negotiated an off-market sale of the property to Babcock & Brown (B&B) and was retained as asset manager. The sale yielded a 274% IRR and 1.5 times equity multiple in just nine months.

 

Balmain was retained as asset and leasing manager by B&B and proceeded to implement a business plan to improve the retail offer and income.  This culminated in an agreement with Carrefour in 2007 to redevelop part of the hypermarket premises for additional speciality retail whilst also paving the way for the future extension of the property. Working with local and international architects, Balmain secured the master plan necessary to enable substantial future expansion of Galeria Pomorska.

 

In 2010, Balmain acted on behalf of B&B to complete the sale of the property to UK-based fund manager, Resolution Property.  Balmain was retained by Resolution Property who brought with them the ability to inject new equity into modernising the property and enhancing the retail and leisure offer.

 

Since 2010, notable achievements have included: modernising the food court which has resulted in food sales increasing by 25% in two years; securing Helios cinema to replace the former bowling operator; further improvements to retail mix with lettings to retailers including Cubus, Mohito and Martes Sport; and a refurbishment of the gallery.

 

In parallel with these initiatives, Balmain has helped assemble a project team to design and develop a 10,000 square metre extension of Galeria Pomorska which was completed in September 2015. Balmain were instrumental in securing pre-lettings with Inditex, the LPP Group and other retailers to occupy the extension.