Romanian real estate developer Red Projects has opened an office in London to source international development opportunities, investment finance, and retail and commercial tenants.
Romanian real estate developer Red Projects has opened an office in London to source international development opportunities, investment finance, and retail and commercial tenants.
Red Projects, which has a EUR 600 mln retail property development portfolio in Romania, has appointed Andrew Hardy as managing partner at Red International in London.
Hardy has extensive international real estate experience having been a partner of Healey & Baker (former Cushman & Wakefield) in Amsterdam, been responsible for Nike's outlet centre expansion in the Netherlands while at DTZ, and then head of the retail property division for Jones Lang Wootton in Kuala Lumpur, Malaysia.
Red's development programme in Romania encompasses shopping plazas, retail parks and neighbourhood centres. These include the Constantia World Trade Centre providing 123,000 m2 of retail and office space, an 8,000 seat sports/concert arena and a hotel with 4,000 parking spaces; Radius Plaza in Baia Mare, which will provide some 60,000 m2 of retail, office and hotel space due to open in end-2009; the 46,000 m2 Armonia Retail Park in Arad; the 48,000 m2 Armonia Retail Park in Braila due to open in end-2008; the 47,000 m2 Armonia Retail Park in Satu Mare; four neighbourhood centres under the Cadran brand name in Husi, Sebes, Marghita, Slobozia, which total 5,000 m2 each and are expected to open during 2009.
RED Projects' main shareholders are the leading American private equity fund Warbug Pincus and the Spanish investment fund Ged Group.
