Europa Fund III, as the majority investor in one of Poland’s biggest shopping center developments, the Poznan Glowny City Center, appointed ConvergenCE to monitor the construction of the project.
ConvergenCE’s role is reporting on compliance of construction with quality and professional standards, monitoring procurement, checking evidence of permits, licences, reviewing and monitoring project schedules, specifications, budget and cash flows and checking construction contracts.
„As the investors’ representative, we draw on our extensive development and construction experience to assist Europa Fund III in monitoring the development team. This allows the investor to ensure that it is fully informed and able to anticipate development and budgetary issues well in advance. Our experience can also assist in finding solutions to complex development challenges in such a role.” – said Alan Vincent, managing director of ConvergenCE.
The development represents Poznan’s integrated transportation centre, which consists of a new railway station, parking deck above the railways on three levels, a new bus terminal and a shopping centre, located in downtown Poznan adjacent to Poznan Glowny railways station. The Poznan City Center will be one of the biggest shopping mall in Poznan, with its 164,000 sq m. The total Gross Leasable Area (GLA) for the shopping centre is close to 58,000 sq m.
The project will be completed in two phases, Phase I being the new railway station building, Phase II being the parking decks, bus terminal and the shopping centre. Construction works of the project were commenced in July 2011. The new railways station has been successfully handed over in May 2012, scheduled opening date of the shopping centre is Q4 2013, foundation and structural works to the shopping centre are in progress.