Belgian property company Liebrecht & Wood has invested around EUR 30 mln to acquire 60 hectares of land across three locations in the surroundings of Bucharest. The company plans to develop new outlet and retail centres on the sites, newspaper Ziarul Financiar has reported, quoting Liebrecht & Wood's founder Johan Rogers.
Belgian property company Liebrecht & Wood has invested around EUR 30 mln to acquire 60 hectares of land across three locations in the surroundings of Bucharest. The company plans to develop new outlet and retail centres on the sites, newspaper Ziarul Financiar has reported, quoting Liebrecht & Wood's founder Johan Rogers.
The Ghent-based developer and investor has recently raised around EUR 100 mln for a new closed-end investment fund which will target retail projects in Poland, Russia and Romania.
At the end of last year, Liebrecht & Wood opened the first retail outlet project in Romania, Fashion House outlet centre Bucharest. Located in West Park, in the Militari district of the city, the scheme represented a joint venture of the Belgian company with GVA Grimley Outlet Services. Phase one included some 20,000 m2 of retail space, offering 104 shops, a food court, children's play area and free parking for 2,700 vehicles. Phase two of the project, with 8,000 m2 of space, is due to open at the end of 2009.
Fashion House Development, the joint venture of Liebrecht & Wood and GVA Grimley Outlet Services, is also developing three outlet schemes in Poland, and several other centres in Ukraine and Russia.
