French plan big retail spending
The French investment group Klepierre has stated that intends to invest at least USD500m on the purchase of retail malls in Central Europe being developed by the Danish TK Development. Florian Hunger, deputy MD of TK Development in Poland claims that the French are very interested in this country amongst others. It is not yet clear when Poland might see the money. Last month the French took the right of first refusal on seven retail schemes being developed by TK Development. The value of these projects is considered to be EUR162m. All projects are joint ventures by TK Development and the French Carrefour. One of them is in Gdynia and the rest are in the Czech Republic and Slovakia. Up until now the Danish Foras has been the best client of TK Development in the region although they may not have the capital to continue with their acquisitions.