A Iasi-based businessman, Danut Prisecariu will invest 21 million euros in the development of a mall in the central area of the Botosani city. Prisecariu will thus become the second-largest Romanian shopping centre developer that comes from Moldova, after Iulian Dascalu, who owns Iulius Group.
"I bought a plot of land in the centre of Botosani, where I will build a shopping centre. The funds will come from both the amount collected from the sale of the Moldova Mall and from banking loans," Danut Prisecariu, chairman of the Moldova group told ZIARUL FINANCIAR.
The group of companies was also involved in the development of the Moldova Mall shopping centre, bought by Equest Balkan Properties, a UK property investment company early this year. The deal was worth 34.5 million euros. The acquisition of Moldova Mall generates a 9% investment yield in euros calculated for an occupancy rate of 100%, according to Equest.
The shopping centre in Botosani will be built on a 6,000 square metre plot of land, 4,800 square metres of which belong to the municipality and the rest were acquired from private owners. The plot of land held by the Botosani City Hall was leased for 100,000 euros by Moldova Universal, Prisecariu says.
The building will have a ground floor plus six floors, with a total built surface area of about 23,000 square metres. The project includes several cinemas, restaurants, bowling alleys and playgrounds. "The lettable area of the shopping centre will be of about 10,000 - 11,000 square metres," Prisecariu mentions.
The project is now in the phase of securing the necessary administrative permits and works will begin this autumn or early next year at the latest. The deadline set in the contract for completing works is 24 months from the opening of the construction site, the local authorities say.
Prisecariu intends to develop other businesses in Botosani, which is a rather poor area of the country. The businessman bought the Rapsodia Hotel in this city earlier this year, which he plans on modernising.
"Rapsodia is a two-star hotel at the moment and I will turn part of it into a three-star hotel and the other will be ranked as four stars. The investment will amount to some 7 or 8 million euros," Prisecariu says.
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