Property group Immofinanz says it has sold the former retail project Armonia Center Arad to investment fund Oresa for an undisclosed sum. The buyer plans to develop a mixed-use scheme with industrial and retail components.
Oresa will start to upgrade the property in the first half of 2022 and will open the new complex in the first semester of 2023.
The whole project includes a land of 110,000 sqm with a potential leasable area of 43,000 sqm.
Cornel Marian, Managing Partner of Oresa, commented that there is demand for modern spaces near cities for production, storage, and showrooms.
Immofinanz’s sale is part of its strategy to consolidate its core brands in the office and retail segments, added Fulga Dinu, Country Manager Operations of Immofinanz Romania.
At the end of September, Immofinanz had in Romania a property portfolio of around 334,000 sqm with a combined value of €777.7 million.
