Real estate investors have completed or are set to completemalls worth over 400 million euros by the end of the year, thelowest volume of investments recorded on this market in the lastfour years, but significantly more compared with the money thatgoes into building plants, reveals a ZF analysis. Each of the lastthree years saw investments ranging between 650 and 980 millioneuros in shopping centres, but after nearly three billion euros incumulated investments, the market is starting to graduallydecline.
Sun Plaza and Cocor in Bucharest, Atrium Center in Arad, the firstretail park in Severin and the first mall in Baia Mare, Gold Plaza,whose inauguration is scheduled for November 4th, are the year'snew projects on the shopping centre market.
As far as production is concerned, the Procter & Gamble plantin Urlaţi cost 100 million dollars, less than the Baia Mare mall,while Renault has so far invested in its test centre less thanAustria's Sparkassen investment in the Sun Plaza mall inBucharest.
Although significantly lower, down 40% on 2009, investments havepursued the same direction - consumption - while in production onlywind power investments in Fântânele can rival the amounts allocatedfor malls.
"I think we will see less and less money going to consumption -there will not be new investments in malls because many areperforming poorly at present, while the number of investments inproduction will rise because Romania is still a low-cost country,and such markets are sought after," explains Andrei Diaconescu,managing partner of investment banking adviser CapitalPartners.
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