Tiago Mall, Era Shopping Park and a Stop.Shop shopping centre will be opened within a year on Calea Aradului of Oradea.
After Calea Aurel Vlaicu in Arad became "famous" for the fact that five shopping centres are going to be built here by late 2009, a similar case is registered in Oradea, at the exit to Arad, where three shopping centres are being built very close to one another. The three are Tiago Mall, Era Shopping Park and Stop.Shop, developed by Immoeast and S+B Group.
Involving total investments of 180m euros, the three projects will add around 100,000 square metres to Oradea's shopping centre supply, as the area also hosts a Real hypermarket.
Tiago Oradea, developed by Ireland's Mivan, will be a classic mall, while Era Oradea is developed under the form of a retail park, to include tenants such as Carrefour, Mobexpert, Bricostore or Media Galaxy. The two projects are due to be finalised toward the end of the year and Stop.Shop will be opened in 2009.
Stop.Shop Oradea, together with a similar project of Targu-Mures, will be the first shopping centres under this brand on the domestic market, due to be opened next year.
Immoeast Austrian investment fund last year announced it would develop 20 such projects domestically, 4 of them in equal partnerships with S+B Group, in Arad, Oradea, Satu Mare and Targu-Mures. The first two projects, in Oradea and Targu-Mures, entail 30m-euro investments each and will have lettable areas of 17,000 and 20,000 square metres.
S+B Group is carrying out 10 projects worth around 350m euros on the domestic market, with the biggest being a shopping centre in Sibiu, in partnership with Immoeast.
"Rents for this type of projects range between 11 and 15 euros per square metre and the annual investment yield revolves around 10%. We target a number of 10-15 tenants willing to rent large areas," adds Schertler.
The company is owned by families Schertler and Beck and has been present domestically for four years, holding a team of 30 employees. Its first project, a 12,000 square metre office building, is due to be finalised next year.
Austrian investors are among the most important players on the domestic real estate market, with several companies being involved in a lot of projects on the segment of shopping centres.
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