RED takes financing from Immorent for 8m-euro project

Real estate developer RED Management Capital, owner of Armonia Center in Braila, which was closed last summer, has obtained financing from Immorent Romania, a subsidiary of Austrian group Erste, to complete construction of Cadran shopping centre in Husi (NE Romania). The project developed in Husi will include 20 stores, among which a Penny Market supermarket, whose inauguration is set for June this year. "The investment in the project amounts to eight million euros and we want to develop similar projects in several towns across Romania because we believe there are over 100 towns throughout Romania that can absorb such an investment," said Christian Hiver, leasing manager within RED. The representative of the real estate developer did not specify the value of the loan, contracted in December last year. The project will have an overall 4,500 square-metre built area, and 120 parking spaces. Structural works are almost completed, while architectural works will start this month, according to company representatives.