Repaco Capital and Weststar Real Estate have delivered the Crevedia Retail Park, near Bucharest, following an investment of €15 million that was partly financed by BT.
The project, with a leasable area of 11,400 sqm, is fully occupied by a mix of 18 domestic and international tenants.
"The premise from which we started the Crevedia Retail Park project – that there are still smaller towns than the major cities in various areas of Romania where the need for modern shopping centers is not met – has proven to be well-founded. The interest from retailers was obvious even before laying the foundation of the project, with 100% of the available space being leased, and I am convinced that the interest from shoppers will be just as high," says Liviu Arnăutu, Partner and Board Member of Geld Capital Management, the owner of Repaco Capital.
The other investor in the project, Weststar Real Estate, is owned by Romanian International Alexander Holding (IAH). CEE Estate was the consultant in the retail development.
The owners of IAH are currently investing in residential projects in northern Bucharest after delivering several logistics warehouses in Arad and Timișoara.
Repaco Capital’s development pipeline includes retail projects with a combined leasable area of 19,200 sqm in four Romanian cities.
