Four or five years ago, the major commercial projects either announced or in development on the Romanian market were largely non-existent. At present, several extensive projects are announced every year, of which at least one or two actually materialise.
After having tried its hand at the shopping galleries inside the Carrefour complexes in Bucharest and Brasov, advisory firm Euro Mediterranee Consulting & Trading SRL (ECMT) is working on several projects for major shopping centres in Bucharest, each of which worth in the range of tens of millions of euros.
The closest to becoming a reality is Baneasa Mall, a mall-type complex located in northern Bucharest, which will involve approximately 35 million euro investments.
"Baneasa Mall is the first project EMCT develops on its own. Whereas the shopping galleries were projects developed for clients (the French Carrefour group i.e.), Baneasa Mall is a project wherein EMCT is an investor, as well," company sources told Ziarul Financiar.
They added the plot of land for this project had been secured, and the construction works were due to begin next year, with the opening set for 2006. Investments in this project will be, EMCT representatives say, both self-funded and paid for with loans. The company is now in talks with "several banking groups" in view of funding.
The Mall will be built in close proximity to the National Road 1 linking Bucharest and Ploiesti, near the Baneasa Airport to be precise, with UK's Chapman Taylor hired as the architect of the building.
Baneasa Mall will take up 105,000 sqm and will comprise 150 stores, EMCT says, as well as 3,000 sqm for restaurants and 4,000 sqm for leisure facilities. Last but not least, Baneasa Mall will have a car park that can accommodate more than 2,200 vehicles and a 15 hall multiplex cinema.
This will turn Baneasa Mall into the largest mall-type shopping complex on the Romanian market, leaving Plaza Romania (100,000 sqm) behind, an over 45 million euro project recently inaugurated by Anchor Grup in western Bucharest, on the location of yet another former "hunger circus" (buildings especially designed to house food stores during the communist regime, so named due to the scarcity of food in stores back then and to their shape).
Baneasa Mall will be presented by EMCT during the International Market for Retail Real Estate (MAPIC), one of the most important real estate fairs in the world, dedicated to retail real estate projects available for rent or sale. This is an annual event traditionally hosted by the Palais des Festivals in Cannes.
Besides Baneasa Mall, which is promoted in view of sale during the MAPIC, EMCT will also exhibit Sun Plaza, a shopping complex project located in southern Bucharest and taking up 100,000 sqm, due to open in 2006, as well. This centre will comprise a hypermarket, a shopping gallery, as well as an area dedicated to leisure activities.
ionut.bonoiu@zf.ro
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