BelRom real estate developer has allocated 100 million euros for the development of a retail park and two office buildings in Bucharest's Colentina district, on the site of the former Helitube plant in sector 2.
"We paid 60 million euros for the land in Colentina and the construction works will entail 100 million euros. The centre will also include a 22,000-square metre hypermarket. The project is expected to be completed around 2009-2010," stated the company's chairman, Carl Decoopman.
As yet, no shopping centres projects have been announced for the Colentina district, with Carrefour and Metro being the most important retailers already established in the area.
Three Belgian businessmen control 80% of BelRom: Carl Decoopman, Steven Vandenbosse and Hendrik Danneels.
The company plans to invest around 600 million euros by 2010 in the development of retail parks. The latest investment project involves European Retail Park in Targu Mures, with 60-65 million euro investments earmarked for the project.
The retail park in Targu Mures is BelRom's second project in Romania, after one based in Sibiu, and is scheduled for completion on October 24. The complex in total covers 14 hectares, with the built area totalling 65,000 square metres. The retail park includes an Auchan hypermarket, a Baumax DIY outlet and a Media Galaxy centre, besides a shopping gallery.
Next year, BelRom will launch a further 3-4 similar projects in Bacau, Braila, Deva and Focsani, before opening retail parks in Ramnicu Valcea, Drobeta-Turnu Severin, Bistrita and Botosani in 2009. The average investment in a retail park stands at 50-60 million euros.
All the complexes include shopping galleries and Media Galaxy stores, in the wake of a partnership BelRom signed with Altex group.
According to BelRom's representative, the Bacau retail park will include a Real hypermarket, a Baumax store and a Media Galaxy store, while in Braila the complex will include a Carrefour hypermarket, which is scheduled to open on December 15. Both BelRom's retail parks in Deva and Focsani will include a Bricostore, Carrefour and a Media Galaxy store.
BelRom's strategy is to build and develop retail parks and then sell them to investment funds. "We have already succeeded in selling the park in Sibiu to North Asset Management fund for 83 million euros," added Decoopman.
European Retail Park Sibiu opened in November 2006, in the wake of investments worth 50-55 million euros.
The developer's financing sources are its own funds, as well as Belgian banks such as KBC Belgium. It has recently started to work with lending institutions in Romania, such as UniCredit Tiriac and ING Bank.
BelRom
Has earmarked 100 million euros for the development of a retail park and two office buildings in Bucharest's Colentina district
Three Belgian businessmen control 80% of BelRom: Carl Decoopman, Steven Vandenbosse and Hendrik Danneels
Plans to invest around 600 million euros by 2010 in the development of retail parks
Its strategy is to build and develop retail parks and then sell them to investment funds
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