The Avrig 35 group, managed by businessman Alexander Hergan, oneof the most powerful and also discreet businessmen in the realestate sector, has reached a new agreement with Auchan to develop ahypermarket on Theodor Pallady Boulevard in Bucharest, in a retailpark that will also include a Decathlon sporting goods store,sources on the real estate market told ZF.
Works should begin in 2010, with this being the third Auchanhypermarket included in a project developed by Avrig 35, afterthose in the Iris Shopping Centers in Titan and Pitesti.
Alexander Hergan has developed a number of office buildings inBucharest, rented to companies such as Petrom, Vodafone andRaiffeisen and has managed to sell over 250 million euros' worth ofproperty in the last four years, before the market froze and pricesstarted to slide.
The businessman is credited for such buildings as Charles deGaulle Plaza, a landmark building as far as the office market ofBucharest is concerned, as well as the Tower Center Internationalbuilding, which is still vacant about two years after completionbecause of a conflict with another shareholder of the project.
Avrig 35 owns a 30ha plot of land in Eastern Bucharest which itbought from Zentiva pharmaceutical group for some 20 million eurosmore than four years ago.
"We cannot provide any comment until next week when we hold apress conference," Avrig 35 officials said.
The group has done business on all the important segments of thereal estate market over time, building two Iris-branded retailparks in Bucharest and Pitesti, five office buildings in Bucharestand boasting a portfolio of 18 new or renovated office buildings inthe major cities in the country, as well as a residential complexon Eminescu Street in the capital city.
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