The first new structure erected on the 120 hectare site inBrasov is a retail park that will include an Auchanhypermarket.
The Auchan hypermarket network, which consists of seven storeson the Romanian market and posted about 350 million-euro businesslast year, is the first tenant in the retail park to be developedon the site of the former Tractorul plant in Brasov, with a newhypermarket to be opened next year following an over 20million-euro investment.
Centerra Capital, which bought the 120-hectare plot for 77million euros in 2007 will begin work on a 55,000 square metreretail park this spring. This is one of the few real estatedevelopments beginning this year.
At the same time, at about 20 kilometres away, Hoyo announced itwould commence production of tractors at the plant built in Rasnovthis April, following an investment put at 50 million dollars.
The new owners of Tractorul persuaded companies such as IBM andCGS to rent office space in the project and the first newdevelopment phase is the Coresi Shopping City, which will requirean investment put at some 140 million euros, according to the datapreviously released by the company.
"Coresi Shopping City will develop in two stages: the first ofthem includes the Auchan hypermarket, a shopping gallery, a DIYcentre, a furniture store and a sports gear store and will becompleted in the third quarter of 2011," Centerra officials toldZF. Their long-term plans are for an about 1.3 billion-euro projectin Brasov.
Centerra is a company run by businessmen Silviu Savin and VictorVadaneaux, which also manages the local investments of British fundCheynee Capital, the main shareholder of the Tractorul site.
The investors want to develop one of the biggest urbanregeneration projects on the site in Brasov, which should includeoffice space, homes, a hospital, an exhibition centre or a hotel.They announced at the time they bought the plot that they wouldattempt to attract an investor to resume production or assembly oftractors and that an area of the site will be set aside forindustrial operations.
On the other hand, the representatives of Auchan, a companycontrolled by French billionaire family Mulliez, said at the end oflast year that they planned to double the number of theirhypermarkets in Romania over the next three years, with a new storeto open in Constanta.
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