Romanian real estate developer RED said it has opened its first shopping mall in Romania in the north west regional city of Arad close to the Hungarian border. The Armonia Retail Park consists of 46,500 m[sup]2[/sup] of retail space anchored by a 13,000 m[sup]2[/sup] Carrefour superstore. The mall also comprises a Bricostore and 80 retail units in the commercial gallery. Total investment in the scheme amounted to EUR 95 mln.
Romanian real estate developer RED said it has opened its first shopping mall in Romania in the north west regional city of Arad close to the Hungarian border. The Armonia Retail Park consists of 46,500 m2 of retail space anchored by a 13,000 m2 Carrefour superstore. The mall also comprises a Bricostore and 80 retail units in the commercial gallery. Total investment in the scheme amounted to EUR 95 mln.
The centre is 98% let on opening and is producing around EUR 6.5 mln in annual rental income. The park has been funded by Austrian institutional investor Immoeast.
Andrew Stear, managing director of RED said: 'The opening of the Armonia Retail Park is a major stepping stone for RED and marks the first of a number of retail projects that will be launched in the next 12 months. We are delighted that the scheme has been anchored by Carrefour and it is vote of their confidence in RED that we are in the process of tying them up on a number of other schemes.'
RED currently has a EUR600 mln retail development programme in Romania encompassing shopping plazas, retail parks and neighbourhood centres. RED is a development company created to invest in real estate projects in South Eastern Europe with a focus on Romania. Its main shareholders are the leading American private equity fund Warbug Pincus and the Spanish investment fund GED Group.
