You have undoubtedly heard of the Bucharest Mall. But how about Plaza Romania? This will be the name of the second American-type commercial complex to be built by Turkish group Fiba in Bucharest. The mall will be located on the premises of an unfinished building in Lujerului area, which was bought by the Turkish group together with the Vitan location for $6 million.
Thus, those Bucharest inhabitants that have bought apartments in this area made a very good deal, just like those that had happened to buy real estate in the Vitan area some four years ago. Prices are certain to soar, due to the new mall.
"The investment triggered by this new project will revolve around 35 million euros," said M. Tunc Capa, chairman of the Board of Anchor Mall Group, the specialised division of Fiba.
"Almost four years after opening, the Bucharest Mall is visited daily by 38,000 people and contributes with $160 million annually, whereas the investment amounted to 45 million dollars," said the official of Anchor Mall Group.
Plaza Romania, to open next spring, will spread on 80,000 square metres and will include 150 stores and more than 25 restaurants, cafes and bars. This accounts for an almost 50% increase as compared to the 50,000 square metres claimed by the Bucharest Mall.
Moreover, the mall will include a Multiplex movie theatre, a Gima supermarket (spreading on 6,000 square metres) and 2,300 parking lots.
The Bucharest Mall accounted for an investment exceeding $35 million and was dedicated on September 10, 1999. Back then, it was owned by Turkish groups Bayindir and Fiba. In November 2000, Bayindir Group, faced with the financial woes of the Turkish-Romanian Bank, sold its 50% stake to Fiba, which now is the sole owner of the Bucharest Mall. This is but one of the Fiba projects in Romania.
When it was opened, the Bucharest Mall had a 70-75% occupancy rate, which shortly soared to 98%. It now stands at 99%.
Given the mall's success, the investment will be recovered sooner than expected, namely in about six years instead of the projected 8-10 years.
Anchor Mall Group is Fiba's division of commercial centres and entered the Romanian market in September 1999, with the launch of the Bucharest Mall. After Plaza Romania is inaugurated, the Turkish group's investment on the Romanian market will exceed 80 million euros. Fiba Group operates in banking and leasing (Finansbank and FinansLeasing) and retail (the Gima chain of supermarkets). ionut.bonoiu@zf.ro
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