Real Estate Central Europe plans to invest $200 million

The Norwegian Real Estate Central Europe (RECE) Poland has announced it is to invest up to $200 million in the construction of shopping centers in housing developments. According to Boguslaw Baszun, leasing director for RECE Poland, 100 such centers are to be built within the next ten years. The first four are to open this year. They will include food stores from RECE's sister company-Rema 1000 as well as a variety of other retail units such as banks, bakeries and pharmacies. The cost of construction of each center will be between $1 million to $2 million. The investment will be financed mostly from the Norwegian parent company, The Reitangruppen Capital Group. RECE Poland was founded in 1998. Its turnover is estimated at $2 billion annually. Its main activity is leasing commercial real estate. (Puls Biznesu, page 3,27) A.D.