Rank Progress looking to sell four malls

Developer Rank Progress is negotiating the sale of its four shopping centers, four existing ones and one under construction, Parkiet reported. After paying off debt, the company wants to net some PLN 140 million on the sale. The properties will be purchased by more than one investor, Rank Progress’s CEO Jan Mroczek said. The firm is currently conducting due diligence on the projects which will be completed by mid-February. The transactions should be finalized by the end of the year. The existing shopping centers are located in Gudziądz, Świdnica (both in northern Poland) and Chojnice, southwestern Poland. The center which is under construction is situated in Oleśnica, near Wrocław. In 2014 the developer wants to invest PLN 360 million in new schemes, PLN 200 million of which will be covered with credit.