PT Urban Issues No. 014

No. 014 / 19th May 2014 / www.poland-today.pl / magazine, conferences, portal, newsletter

Newsletter Editor: Adam Zdrodowski

[email protected]

tel. +48 504 182 308

OFFICE Echo Investment has secured a building permit for its planned Opolska Business Park office project in Kraków page 2 The Spektrum Tower high-rise office building in downtown Warsaw will be refurbished page 2

RESIDENTIAL Echo Investment has started selling apartments in a new residential project in Poznań page 3 Unidevelopment has launched apartment sales in the second phase of its Lykke scheme in Warsaw page 3 ICON Real Estate has delivered its Piano House luxury residential project in Warsaw page 4

LOGISTICS Goodman Poland has acquired a large site for a new logistics centre in the Poznań area page 4

INTERVIEW Poland Today talks to Markus Beike, managing director at Christie + Co page 4

LATEST LEASE DEALS IN BRIEF Recent lease transactions in the office, retail and warehouse sectors page 6

COMING & GOING Thomas Kurzmann, Globe Trade Centre page 6

Facts &Figures Largest completions, largest lease deals and rents in the commercial property market in 2013 page 7

The development is scheduled to be delivered at the turn of 2015 and 2016 Photo: S+B Gruppe

S+B Gruppe starts new WarsS+B Gruppe starts new WarsS+B Gruppe starts new WarsS+B Gruppe starts new Warsaw projectaw projectaw projectaw project Austrian developer S+B Gruppe has officially launched con-struction on its króLEWska office project in downtown War-saw. The scheme is expected to deliver a total of 6,000 sqm of leasable office and retail space page 2

Registration: www.poland-today.pl

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Conference: Spotlight Hotel Investment Poland2 June 2014, Golden Tulip Warsaw

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Ministry of Sport and Tourism Orbis SA Host Hotels Ltd Worldhotels Starwood Hotels and ResortsWorldwide Miller Canfield Louvre Hotels Steigenberger Hotels AG Christie + Co. EY AGK Architekci AW Sp. z.o.o. Hotels Asset Management HG Consultants Institute of Tourism Puro Hotels mLeasing Wolf Immobilien Polen S.A. Invesco Real Estate Algonquin The Rezidor Hotel Group Motel One Warimpex Finanz – und Beteiligungs AG

Including speakers from:

Content Partners Partners Media Patrons Venue PartnerFounder Patrons

weekly newsletter # 014 / 19th May 2014 / page 2

OFFICE

S+B Gruppe launches S+B Gruppe launches S+B Gruppe launches S+B Gruppe launches new office project in new office project in new office project in new office project in downtown Warsawdowntown Warsawdowntown Warsawdowntown Warsaw

The scheme will deliver 6,000 sqm of GLA

Image: S+B Gruppe

Austrian developer S+B Gruppe has recently held a ground-breaking ceremony at the construction site of its króLEWska office project in Warsaw. The scheme is scheduled to be completed at the turn of 2015 and 2016. Located at the intersection of ul. Królewska and ul. Graniczna in the downtown of the Polish capital, the boutique development will deliver a total of 6,000 sqm of leasable office and re-tail space. The króLEWska investment is the third project of S+B Gruppe in Warsaw. The company is best known in the city for its Zebra Tower scheme which was completed in 2010 and sold to Union In-vestment in the following year. The developer is currently finishing construction on the Hampton by

Hilton Warsaw City Centre hotel investment which is scheduled to open for business and is expected to be sold to an investment fund in the upcoming months. Izabella Kieler, head of leasing and marketing at S+B Gruppe, said that the company is already in talks with potential investors interested in buying the newly launched króLEWska project. Mean-while, the company is working on the acquisition of another office site in downtown Warsaw. S+B Gruppe should finalize the purchase of a plot for a much larger scheme than the króLEWska develop-ment within the next few months, Kieler said.

OFFICE

Echo Investment with Echo Investment with Echo Investment with Echo Investment with building permit for building permit for building permit for building permit for new Kraków schemenew Kraków schemenew Kraków schemenew Kraków scheme

Warsaw Stock Exchange-listed developer Echo In-vestment has secured a building permit for its Opol-ska Business Park office project in Kraków. The scheme will deliver a total of 57,000 sqm of leasable space. Located at the intersection of ul. Opolska and Al. 29 Listopada in the north of Kraków, the Opol-ska Business Park development will comprise three buildings, each of which will feature 12 floors. The investment will be developed in three phases. Construction on the first phase, which will deliver more than 18,000 sqm of leasable office space, is scheduled to finish in the last quarter of next year. Echo Investment has already developed several projects in Kraków which include the Novotel-Ibis and Qubus hotel schemes, the Avatar office devel-

opment, as well as a number of residential invest-ments.

The complex will comprise three 12-floor buildings Image: Echo Investment

OFFICE

Spektrum Tower Spektrum Tower Spektrum Tower Spektrum Tower building in Warsaw in building in Warsaw in building in Warsaw in building in Warsaw in for refurbishmentfor refurbishmentfor refurbishmentfor refurbishment

The Spektrum Tower high-rise office building in downtown Warsaw, which was formerly known as Twarda Tower and used to be exclusively occupied by telecom operator TP SA, has obtained a building permit for an extensive refurbishment. The renova-tion work, which has already started and is sched-uled to finish by October this year, will include changing the facade of the podium part of the build-ing and modernizing its entrance and lobby areas. The Spektrum Tower building is located on ul. Twarda in the Central Business District of Warsaw and stands 122 metres tall. It offers more than


28,000 sqm of leasable office space on 28 floors. The Spektrum Tower high-rise is owned and man-aged by an eponymous entity which was established in 2012 and in which Europa Fund IV, managed by Europa Capital LPP, is the majority shareholder.

Spektrum Tower offers 28,000 sqm of GLA

Image: WX Management Services

RESIDENTIAL

Echo Investment starts Echo Investment starts Echo Investment starts Echo Investment starts new residentialnew residentialnew residentialnew residential project project project project in Poznań in Poznań in Poznań in Poznań

Warsaw Stock Exchange-listed developer Echo In-vestment has started selling apartments in the first phase of its Park Sowińskiego multi-family residen-tial project in Poznań. The scheme is located in the Stary Grunwald neighbourhood of the city. The Park Sowińskiego development will be developed in

four phases which will deliver a total of 343 housing units. The first phase of the investment will com-prise 124 homes and 189 under- and above-ground parking spaces. Earlier this year, Dariusz Cholewa, residential pro-jects department director at Echo Investment, told Poland Today that the developer would launch con-struction on eight new projects comprising a total of 700 apartments in 2014. He added that the com-pany would mostly focus on Warsaw, Kraków, Wrocław and Poznań. Since the beginning of this year, Echo Investment has already launched Grota 111 in Wrocław, Bronowicka 42 in Kraków and the second phase of Osiedle Jarzębinowe in Łódź.

The development will comprise 343 apartments Image: Echo Investment

RESIDENTIAL

Unidevelopment Unidevelopment Unidevelopment Unidevelopment selling units in second selling units in second selling units in second selling units in second phase of Lykkephase of Lykkephase of Lykkephase of Lykke

Developer Unidevelopment, part of the Warsaw Stock Exchange-listed Unibep Group, has launched

sales of apartments in the second phase of its Lykke multi-family residential project in Warsaw. The scheme is located in the Białołęka district of the Polish capital and will deliver a combined 165 homes in two phases. Construction on the first phase of the development, which comprises six buildings, is currently nearing completion. Over 50% of the housing units in that phase of the investment have already been sold. The second phase of Lykke will comprise three buildings and is scheduled to be completed by the end of this year. More than a half of the apartments in the Lykke project qualify for the MdM government-subsidized mortgage program for first-home buy-ers, said Mariola Matczak-Augustyniak, sales de-partment director at Unidevelopment.

Lykke will deliver 165 apartments in two phases Image: Unidevelopment

Unidevelopment is now also developing the first phase of the Osiedle Czarnieckiego project in Poznań and preparing to launch two new phases of the scheme, said Zbigniew Gościcki, the president


of the management board at the company. In the second half of this year, Unidevelopment will launch a new investment on ul. Kapelanów AK in the Praga Południe district of Warsaw. The com-pany is also working on a development located in the Ochota district of the Polish capital, Gościcki added.

RESIDENTIAL

Construction finishes Construction finishes Construction finishes Construction finishes on Piano House luxury on Piano House luxury on Piano House luxury on Piano House luxury apaapaapaapartments in Warsawrtments in Warsawrtments in Warsawrtments in Warsaw

The project was designed by Grupa5 architects Image: ICON Real Estate

Developer ICON Real Estate has finished construc-tion on its Piano House luxury residential project in

downtown Warsaw. The scheme is located in the Powiśle neighbourhood of the city and has already obtained an occupancy permit. Designed by the Grupa5 architectural studio, the five-floor Piano House development has delivered 68 apartments, sized from 31 sqm to more than 250 sqm, as well as two commercial units. ICON Real Estate is currently working on several other projects in Warsaw. The company is now adapting the attic of the historic Kamienica Ordy-nacka tenement house in the downtown of the Pol-ish capital where ten luxury apartments will be de-veloped. The developer is also starting a new scheme in the Saska Kępa neighbourhood of the city – Villa Onyx – which will deliver 28 upper-standard apartments, said Emanuel Grykin, mem-ber of the management board at ICON Real Estate.

LOGISTICS

Goodman Poland Goodman Poland Goodman Poland Goodman Poland acquires new laacquires new laacquires new laacquires new large site rge site rge site rge site in Poznań areain Poznań areain Poznań areain Poznań area

Industrial space developer Goodman Poland has re-cently acquired a 17-hectare site at Swadzim in the Poznań area from Werner Kenkel. The land sale transaction was facilitated by JLL. The Swadzim land will be used as the location for a new Goodman logistics facility, developed for one of the key FMCG market companies, Maciej Madejak, head of business development Poland at Goodman Poland, said in a statement. Tomasz Olszewski, head of industrial CEE, at JLL, said that the land in question was originally zoned

for retail. The site sale process involved changing the zoning provisions so that a logistics facility could be developed on the plot. The site acquired by Goodman Poland is located close to the S11 express way which is also the western ring road for Poznań. American e-commerce giant Amazon is having its 100,000-sqm logistics centre developed nearby.

The site will house a new logistics centre

Image: Jll

INTERVIEW

Poland with Poland with Poland with Poland with potential potential potential potential for the development of for the development of for the development of for the development of new budget hotelsnew budget hotelsnew budget hotelsnew budget hotels

Poland Today sits down with Markus Beike, manag-ing director, Germany, Austria and CEE, at broker-age and advisory firm Christie + Co, to talk about the current shape and prospects of the hotel prop-erty market in Poland. Poland Today: Poland Today: Poland Today: Poland Today: BBBBefore the Euro 2012 football efore the Euro 2012 football efore the Euro 2012 football efore the Euro 2012 football chachachachammmmppppiiiioooonnnnships, it was said that the ships, it was said that the ships, it was said that the ships, it was said that the tournament tournament tournament tournament


would help boost touwould help boost touwould help boost touwould help boost tourrrrism and the hotel industry ism and the hotel industry ism and the hotel industry ism and the hotel industry in Pin Pin Pin Pooooland. Did it really happen?land. Did it really happen?land. Did it really happen?land. Did it really happen? Markus Beike: Markus Beike: Markus Beike: Markus Beike: When you look at the performance of the Polish market, you see that some local mar-kets, including Warsaw and Kraków, are doing very well compared to the Western European standards. These are the stars when it comes to the occupancy levels. In the past, the Warsaw hotels used to mostly attract businesspeople. But thanks to the tournament, the world came to see Warsaw and one can now see that the significance of the leisure ho-tel segment in the city is increasing. There is a very solid basis for growth when it comes to the hotel market in the Polish capital. Can Poland be a major tourist destinCan Poland be a major tourist destinCan Poland be a major tourist destinCan Poland be a major tourist destinaaaation in tion in tion in tion in Europe, attractive for the GeEurope, attractive for the GeEurope, attractive for the GeEurope, attractive for the Gerrrrman, French or man, French or man, French or man, French or English English English English tourist?tourist?tourist?tourist? Yes, you have all the elements, all the components that you need. Poland is a large country. You have interesting cities, you have fantastic nature – moun-tains, lakes and the sea. You have many assets which can help attract tourists. The infrastructure is improving year by year – it is a completely differ-ent place than ten years ago. The motorways which are under construction or at the planning stage at the moment are the missing link. There is more and more air traffic in Poland but it would be good if some new local carriers appeared. How willHow willHow willHow will the pthe pthe pthe poooolitical chaos and ilitical chaos and ilitical chaos and ilitical chaos and innnnststststabiabiabiabillllity in ity in ity in ity in neighbouring Ukraine affect the Poneighbouring Ukraine affect the Poneighbouring Ukraine affect the Poneighbouring Ukraine affect the Pollllish hotel ish hotel ish hotel ish hotel marketmarketmarketmarket???? Actually, all that crisis seems to be offering some positive effects for Poland because companies have already started withdrawing from Russia and Ukraine and moving west, to countries including Poland. On the other hand, we, as Christie, have

done a number of deals with Russian investors and my understanding is that the sanctions imposed by the European Union will involve banning Russian capital from the EU. This could of course have some negative effects for the Polish economy, as well as for the economies of the Western European coun-tries.

Poland Today talks to: Markus Beike, managing director, Germany, Austria and CEE, at Chris-tie + Co How large is the hotel property iHow large is the hotel property iHow large is the hotel property iHow large is the hotel property innnnvesvesvesvesttttment mament mament mament mar-r-r-r-ket in Poland?ket in Poland?ket in Poland?ket in Poland? I think the overall hotel property investment vol-ume in CEE last year amounted to approximately

€330 million. I do not want to be disrespectful but this was roughly the same as the total investment volume in the hotel market in Austria last year. In EMEA the volume stood at more than €7 billion and in Germany it amounted to around €1.6 billion. So the size of the Polish hotel property investment market is still relatively insignificant, I would say. Why is it so?Why is it so?Why is it so?Why is it so? Because of the lack of good product in the market. The hotel market in Poland is not mature enough. The new supply available in the market is almost immediately absorbed by international and local buyers. So there is still room for new supply in the PoSo there is still room for new supply in the PoSo there is still room for new supply in the PoSo there is still room for new supply in the Pol-l-l-l-ish market?ish market?ish market?ish market? Yes and no. Yes, when you look at the occupancy rates. No, when you look at the prices, which would have to go down if more hotel space were devel-oped. This is one thing. Another thing is the financ-ing issue. In Western Europe, banks are now more open to financing hotels than two or three years ago but as I understand this is still a problem here. As a result, only buyers who have equity can invest in hotels in Poland. Yet another thing is the investor sentiment at the moment. My feeling is that inves-tors now are looking to buy existing properties, that is existing cash flow. They are not so much invest-ing in new developments. We are advising some German funds now which are interested in invest-ing in new projects but the majority of investors are focused on the exiting assets. For which kinds of hotels is there still room in For which kinds of hotels is there still room in For which kinds of hotels is there still room in For which kinds of hotels is there still room in the Polish market?the Polish market?the Polish market?the Polish market? In my opinion, Poland does not need more four- and five-star hotels but there is still room for budget


hotels, for two- and three-star facilities. People are not willing to pay more for overnight stays. In four- and five-star hotels you have a whole range of addi-tional amenities, including large leisure areas and conference areas, to make the hotels work. The amenities are expensive and people do not want to pay for them. Are there any new emerging hotel maAre there any new emerging hotel maAre there any new emerging hotel maAre there any new emerging hotel marrrrkets in Pkets in Pkets in Pkets in Po-o-o-o-land at the moment?land at the moment?land at the moment?land at the moment? Everyone is talking about Warsaw and Kraków but we are actually doing a lot in Tri-city. It is an amaz-ing place, lots of activity going on there. It is close to the German border so you have German tourists there. There is the visa waiver program for the in-habitants of the Kaliningrad Oblast so a lot of Rus-sian visitors are coming to Tri-city. When it comes to the hotel product there – there is still much room for improvement. So this is a great place to invest in. How different, from the perspective of an How different, from the perspective of an How different, from the perspective of an How different, from the perspective of an iiiinnnnveveveves-s-s-s-tor, is investing in hotels from itor, is investing in hotels from itor, is investing in hotels from itor, is investing in hotels from innnnvesting in other vesting in other vesting in other vesting in other types of commercial protypes of commercial protypes of commercial protypes of commercial propppperty?erty?erty?erty? First of all, when you invest in a hotel you buy an operational concept. The value of a particular hotel is linked to the cash flow produced by that hotel and to its operational concept. A five-star hotel is of course much different from a two-star hotel in this regard. This is why it is sometimes difficult to get financing for hotels because bankers often do not understand how the various hotel concepts work. Also, the development costs in the case of a five-star hotel are much higher than the development costs in the case of an office project of a similar size. Markus Beike will be speaking at the Poland Today hotel invest-

ment conference on June 2 at the Golden Tulip Hotel Warsaw.

Tickets €160. Please go to www.poland-today.pl for more details.

MARKUS BEIKE Markus Beike joined Christie + Co in 2003. Before that he worked in different roles for Arthur Anders, Deutsche Bank and Kempinski. He started his career 29 years ago with a hotel management apprenticeship at Steigenberger. He holds degrees in economics and real estate management and is member of the Royal Institution of Chartered Surveyors.

LATEST LEASE DEALS IN BRIEF DTZ advised TNT ETNT ETNT ETNT Exxxxpress press press press on a transaction which involved the lease of over 3,000 sqm of space at the Nord Point office building in the Białołęka district of Warsaw. The building was developed by ECI Group. Four new tenants – Private Private Private Private Wealth CoWealth CoWealth CoWealth Connnnsultingsultingsultingsulting, IFIS FinanceIFIS FinanceIFIS FinanceIFIS Finance, RaymondRaymondRaymondRaymond James James James James and Luxottica Luxottica Luxottica Luxottica have taken up a total of around 1,200 sqm of office space at the Ufficio Primo class-A building in down-town Warsaw which is managed by Kulczyk Silverstein Properties. The Ufficio Primo building was built in the 1950s and was thoroughly modern-ized and revitalized a few years ago. The structure comprises a combined 6,000 sqm of space on six floors. HFT Brokers Dom Maklerski SA HFT Brokers Dom Maklerski SA HFT Brokers Dom Maklerski SA HFT Brokers Dom Maklerski SA has leased ap-proximately 900 sqm of office space at the Prosta Office Centre building located in the Wola district of the Polish capital. The transaction was brokered by Axi Immo. SMEG SMEG SMEG SMEG has leased 230 sqm of space at the Iris office building in southern Warsaw that is owned by Celtic Property Developments. CBRE advised the tenant in the lease negotiations process.

Ufficio Primo in Warsaw

Image: Kulczyk Silverstein Properties

COMING & GOING

Thomas KurzmannThomas KurzmannThomas KurzmannThomas Kurzmann

Thomas Kurzmann has been appointed as the new CEO of Warsaw Stock Exchange-listed developer Globe Trade Centre, effective August 2014. He will replace Alain Ickovics who has been the CEO of the company since June last year. Kurzmann has over 25 years of experience in construction, real estate investment and lending. He previously worked for companies including Volksbank (as the Head of Real Estate and Corporate Business), Europolis (as the CEO) and BV Development Company (as the CEO).

RegisteR now foR

Poland & CEE Real Estate Summit Network Global Capital | Warsaw–London–Frankfurt

25 – 26 June 2014, Bristol Hotel, warsaw

DISCUSSION TOPICS INCLUDE:• How does central & eastern Europe fit into the global

property picture? • Poland: Already overbought and overpriced?• Go East!.. But are the global investors ready?• WARSAW OFFICE: How much can the Polish capital

absorb?• POLAND RETAIL: Is the nation already over-sup-

plied?• POLAND LOGISTICS: Is Europe‘s centre a logical

warehouse hub?• Speed dating: Meet new partners for capital, co-invest-

ment and deals• Central Europe: Where is the value in CE around Poland?• Investors in CE: Who are they and what do they want?

• CE OFFICE: Where’s hot and where’s not?• CE RETAIL: Variable speed consumption• CE LOGISTICS: Does it all depend on roads and rail?• OUTSOURCING: Still big but moving up the value

curve• POLAND RESIDENTIAL: Safe as houses ..

or maybe not?• HOTELS: The rise and rise of CEE hospitality• Financing CEE: Are the banks playing ball?

RegisteR today!

... to get the eaRly biRd Rate!

HAVE YOU CONSIDERED SPONSORSHIP?

Poland & CEE Real Estate Summit partners will have an unrivalled opportunity to promote to key industry players in this fast-growing region. Raise your company profile in this increasingly important region for property investment and associate your brand with

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upon request.Please contact [email protected] or

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weekly newsletter # 014/ 19th May 2014 / page 7

FACTS & FIGURES

LaLaLaLargest industrialrgest industrialrgest industrialrgest industrial projects delivered in 2013projects delivered in 2013projects delivered in 2013projects delivered in 2013

Location Project Developer Area

(sqm)

Wrocław Panattoni BTS Lear Panattoni 32,300

Silesia SEGRO Business Park Gli-

wice Building B SEGRO 31,700

Warsaw Tulipan Park Warszawa

Bulding B SEGRO 24,000

Silesia SEGRO Industrial Park

Tychy B SEGRO 18,300

Wrocław Prologs Park Wrocław V Prologis 18,282

Source: Colliers International

Largest office projects delivered in 2013Largest office projects delivered in 2013Largest office projects delivered in 2013Largest office projects delivered in 2013


(sqm)

Warsaw Konstruktorska

Business Center HB Reavis 48,300

Warsaw Miasteczko Orange Bouygues Immobilier 43,700

Warsaw Plac Unii BBI Development

/Liebrecht & wooD 41,300

Warsaw Marynarska 12 Ghelamco 40,000

Wrocław Sky Tower LC Corp 28,100


LaLaLaLargest retailrgest retailrgest retailrgest retail projects delivered in 2013projects delivered in 2013projects delivered in 2013projects delivered in 2013


(sqm)

Gliwice Europa Centralna Helical Poland 67,000

Kraków Galeria Bronowice Immochan 60,000

Poznań Poznań City Center TriGranit 58,000

Gdynia

Centrum Riviera

(Wzgórze

– extension)

Mayland Real Estate 70,500

Katowice Galeria Katowice

Meyer Bergman

European Retail

Partners/ Neinver

42,000


Selected Selected Selected Selected large investment transactions large investment transactions large investment transactions large investment transactions in 2013in 2013in 2013in 2013

Sector

Project

Value

(EUR mil-

lion)

Seller

Buyer

Retail Silesia City

Center

412 Immofinanz Allianz, ECE

Retail Galeria

Kazimierz 180

Globe Trade

Center,

Aventus

Invesco RE

Retail Galeria Domini-

kańska 151.7 ECE

Atrium

European Real

Estate

Office New City

127 ECI

Hines Global

REIT

Office Mokotów Nova

121 Ghelamco

Tristan Capital

Partners

Office Senator

120 Ghelamco

Union

Investment

In-

dustrial

H&M ware-

house

64 Invesco RE W.P. Carey

Indus-

trial Żerań Park II 43.2

Area Property

Parners,

Apollo Rida

Poland

SEGRO


LLLLargest office lease dealsargest office lease dealsargest office lease dealsargest office lease deals in 2013in 2013in 2013in 2013

Location Tenant Area(sqm) Project

Warsaw Polkomtel 22,680 Konstruktorska 4

Warsaw Getin Holding 18,850 Wola Center

Warsaw Urząd Rejestracji Leków 13,000 Adgar Park West

Warsaw Bank Zachodni

WBK 11,800 Atrium 1

Wrocław Getin Holding 11,700 Sky Tower


Retail rents (EUR/sqm/month), Q3 2013Retail rents (EUR/sqm/month), Q3 2013Retail rents (EUR/sqm/month), Q3 2013Retail rents (EUR/sqm/month), Q3 2013

20

30

40

50

60

70

80

90

ŁódźWrocław

Tri-citySzczecin

PoznańKraków

Warsaw (out of town)Silesia

Warsaw (city centre)

Source: Cushman & Wakefield

Office rents (EUR/sqm/month), Q3 2013Office rents (EUR/sqm/month), Q3 2013Office rents (EUR/sqm/month), Q3 2013Office rents (EUR/sqm/month), Q3 2013

Source: Cushman & Wakefield

10 15 20

25

Gdańsk

Szczecin

Katowice

Poznań

Kraków

Wrocław

Warsaw (non-central)

Warsaw (CBD)

Largest industrial lease deals in 2013Largest industrial lease deals in 2013Largest industrial lease deals in 2013Largest industrial lease deals in 2013

Location Tenant Area(sqm) Project

Wrocław Amazon 123,500 Goodman Wrocław South

Logistic Center

Poznań Amazon 100,653 Panattoni Poznań

Wrocław Amazon 100,653 Panattoni Wrocław

Poznań supermarket

chain 82,385 -

Central Po-

land Castorama 49,961 Panattoni Park Stryków


Documents

PT Urban Issues No. 014