Austria-based Meinl European Land, with assets worth around 4 billion euros, will invest approximately 380 million euros in the next two years in developing three malls in Romania, without resorting to bank credits, a less common practice on the local market of shopping centres. The development of the WestGate project in Arad, of the Militari Shopping Center in Bucharest and of Seaside Shopping in Constanta will be done through Krammer & Wagner, which will completely exit the business after construction has been completed. "We have the necessary cash for these projects at present. Under the contract they have with us, Krammer and Wagner has committed to securing at least 8% yields from rent," said Stephen Bonk, Meinl's managing director.
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