The French-held company Union Investitii will invest 40 million euros in a mall in Galati. This will be the Euromall network''s second commercial complex, after the one under construction in Pitesti.
"The Romanian emerging retail market is ready for such considerable investments. I''ve also noticed Romanian brands are developing very rapidly," stated Moshe Turgeman, in charge with Euromall marketing issues.
In the first phase, the Euromall network is concentrating on cities around Bucharest. "In this phase, we will focus on cities with more than 200,000 inhabitants, located near Bucharest," stated Tomer Barhom, in charge with the management and coordination of construction and design works for the Euromall.
He specified that funds for the development of the commercial centres come from French private investors.
Construction works for the Euromall Galati commercial centre are scheduled to start this May, with the project to be completed at the end of next year. The complex will be located in the centre of the city of Galati and will boast an area of 50,000 square metres, spread across five levels, of which 24,000 square metres will represent rentable spaces.
The Galati-based commercial centre includes a 2,500 square metre supermarket, 220 stores, a 500 square metre pharmacy, restaurants and coffee shops. One level will be turned into a non-stop leisure zone with separate access, to include 7 cinema halls with more than 1,100 seats, an electronic casino of more than 500 square metres, a bowling alley, a Food Court and a billiards room of over 600 square metres. Euromall Galati will create over 3,000 direct and indirect jobs.
The top level of the complex will be dedicated to class-A office spaces.
"We''ve noticed there is high demand for class-A offices and that is why a whole level will be destined to this project," stated Turgeman.
Commercial spaces will be rented at prices starting from 20 euros per square metre in the case of large spaces, but prices are likely to increase to as much as 70 euros for areas of 60-70 square metres.
Investors are banking on deriving turnover of more than 5 million euros during the first year.
The Galati project is not the first that the French have carried out in Romania, as they intend to open two commercial complexes per year. The company will invest at least 30 million euros in each mall it plans to open.
ioana.david@zf.ro
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