Rank Progress finalizes sale of mall to Immofinanz

Property developer Rank Progress has signed the final agreement on the sale of a shopping mall project in Piła, northwestern Poland, to Immofinanz Group for PLN 57.7 million net, the company said in a press release on Wednesday. Immofinanz has refinanced the outlays that Rank Progress has already made for the project. It will also finance further construction. The companies are in talks on possible further cooperation, the statement also said. The construction of the shopping mall was launched in September 2013. The scheme is scheduled to be opened in October 2014. It will have a GLA of 24,100 sqm.