Challenges and changes in the retail sector are continuing to impact the dynamics of the European shopping centre market with new research from Cushman & Wakefield showing development activity across the continent is strongly polarised at both a country and city level.
NEPI Rockcastle announced that it will inaugurate Promenada Sibiu on November 14 following an investment of €100 million. The developer will also open a shopping centre in Târgu Mureș in March following an investment of €70 million.
Multi Poland has been appointed by Union Investment to provide property management services for two shopping centres in Poland, Ferio Konin in Konin and Sarni Stok in Bielsko-Biała, as of 1 October 2019. The agreements include full centre management, leasing and marketing.
Expo Market Doraly, one of Romania’s largest shopping parks specialized in home items and food products, located in Afumati, near Bucharest, announced plans to develop a 10,000 sqm retail park following a €6 million investment.
Consumers and agricultural producers in Montenegro will benefit from the further expansion of Voli, the country’s leading supermarket chain and one of the biggest purchaser of local produce, thanks to a €10 million loan provided by the EBRD. The funds will finance the opening of four new Voli stores, including a supermarket and a convenience store, and the refurbishment and expansion of five existing stores.
The Asset Services department of Cushman & Wakefield Echinox has taken over the administration of the Colosseum shopping centre since October 1st, thus expanding its portfolio in Bucharest with a project in full expansion.
JLL has completed the first phase of the modernisation of the Liberty Center shopping centre in Bucharest, owned by three banks (Alpha Bank, Bank of Cyprus and Eurobank) following the insolvency of developer Mivan Kier. Occupancy rate at Liberty Center has reached 91%, following a €400,000 investment.
NEPI Rockcastle has announced the acquisition of a 200,000 sqm land in Craiova and plans to construct one of the biggest retail projects in the region of Oltenia. The value of the investment is estimated at approximately €110 million and the construction will start after obtaining all the necessary approvals.
Ceetrus has unveiled plans for its Góraszka Project which the developer has dubbed an innovative retailtainment destination with a GLA of 77,000 sqm. It will be a premium location for the inhabitants of south-eastern Warsaw for shopping and spending time with family and friends. The facility is expected to be completed by 2022. Ceetrus is open to cooperating with new investors, the press release adds.
Trei Real Estate GmbH. a property developer and property asset holder for residential and retail real estate, keeps expanding its portfolio of Polish retail parks. The company, which is part of the Tengelmann Group, just opened its 13th retail park of the Vendo Park brand in Poland, this one in the town of Ostroleka. The total investment cost equals c. €3.8 million. The icity has around 52,000 residents and lies roughly a 90-minute ride north of Warsaw.
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