Multi Development invests EUR 400m in mixed-use project in Ostrava, the Czech Republic.

New Karolina comprises 97,000 sq m of retail, 67,000 sq m of offices, 78,000 sq m residential and 3,500 parking spaces. There are four phases of the development and the first that started in June includes a state of the art shopping and leisure centre of 56,000 sq m, 23,000 sq m of offices, 200 apartments, and underground parking under the main square. The first phase is due for completion by the end of 2010; the next stage should commence in 2009. Completion of the total project is foreseen in 2016.