The project in Iasi will cover a built area of 160,000-sqm on a 35-hectare plot, in the wake of investments worth 175m euros.
Nicolae Danciu, manager of Omilos Group, a real estate development firm involved in the construction of two large retail parks in Iasi and Oradea, considers the project in northern Moldavia will be, for quite some time, the biggest development of this type outside Bucharest, with tenants that include Carrefour, Praktiker, Mobexpert and Media Galaxy.
"(...) By late July, we hope to seal the contract with a renowned international player, through which we can attract visitors from as far as Chisinau," stated Danciu.
The first phase of ERA Shopping Park, located in the Pacurari district of Iasi, will be delivered this September and include a Carrefour hypermarket, a Praktiker store, an Altex store and a commercial gallery. The second stage is scheduled for next autumn and will include a Media Galaxy, a Mobexpert store and another two stores each taking up 1,500 square metres. The last stage will be finalised in the spring of 2010 and will include the mall and, according to some real estate sources, an IKEA store may also open on a four-hectare plot.
"The project is financed through an 80m-euro syndicated loan that could be extended and contracted from Banca Romaneasca, National Bank of Greece, Bank of Cyprus and EFG," added Danciu.
On the segment of retail parks outside Bucharest, Omilos competes with developers such as BelRom and RED Management Capital.
The first stage of Iasi project is 100% rented, with Omilos developing a second project, in Oradea, of somewhat smaller dimensions, which involves a 80m-euro investment and includes, in its first stage, a Carrefour store, a Bricostore, a Media Galaxy and a shopping gallery.
Danciu says the firm he runs will enter the housing segment and may also aggressively expand with shopping centres in smaller cities.
The company plans to sell the two projects depending on the available opportunities. Omilos currently has a team up of 16 people and plans to reach 25 employees, in the context where some services are outsourced.
"In the next two years, we may access funds worth 300m euros from our stakeholders," states Danciu adding retail activities will continue provided the market allows it.
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