Govnet

Innovation is the ‘must’ for shopping centers

Some of the shopping malls in Romania and especially in Bucharest have already understood that in order to succeed, retain their customers and attract new visitors they should stand out of the crowd and come with something fresh, different, innovative. However, the majority still follows the same standard recipe – shopping area, food-court, cinema -, despite the ongoing changes in customers’ needs.

Shopping centers market in Bucharest still has growth potential

Whether or not Bucharest can sustain a growth in the shopping centers market is a question pretty difficult to answer, despite it may not seem so. Being one of the most discussed issues it couldn’t have missed from The New Age of Retail Real Estate Forum 2013 agenda, the event Govnet Conferences organized yesterday.

Ibiza Sol, on the trail of Citadella Titan

Ibiza Sol follows Citadella Titan model, another real-estate project on sale upon becoming insolvent in 2012. The reorganization plan approved by its creditors provides either the sale of the whole project or the separate sale of the housing units, procedure meant to recover around EUR33 million. However, the creditor banks Alpha Bank and Raiffeisen Bank could take over the project themselves.

Citadella Titan, on sale for about 7 million euro

BRC Business Group, the project's developer is ready to sell Citadella Titan for EUR6.85 million, without VAT as per its reorganizing plan already approved, according to Euro Insol - BRC's administrator upon becoming insolvent at the beginning of 2012. An alternative stipulated by this plan is to proceed with selling each of the housing units apart, which would bring the group more than EUR10 million, excluding VAT.

Romania, the highest increase in construction field among EU stats in July

Romania registered the largest increase in production in the construction sector in Eu in July 2013 on June 2013. EUROSTAT reports an increase of 8,6% in Romania, while in EU there was an increase of only 0,7% and of 0,3% in euro area.

Among the EU Member States, production in construction rose in nine, fell four and remained stable in The Netherlands

Biggest planned shopping center in Bucharest finds buyer

With a planned rentable area of over 70,000 sqm, the Mega Mall project in Bucharest is set to start construction this year under a new shareholder structure. South-African real estate investment fund NEPI has acquired 70 percent of the shares in the project from a German firm specialized in developing retail projects. The anchors of the project are for the moment Carrefour , C&A and H&M.

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Real estate

CBRE is the new administrator of Sun Plaza

Real estate consulting firm CBRE Romania announced it's entrance on the property management market with the first project, Sun Plaza Shopping Center owned by Austrian company S Immo. department.The group manages 55 shopping centers in CEE and CBRE’s property management division manages about 1.7 million square meters in over 200 properties in six countries in Central and Eastern Europe. Sun Plaza is the second largest project developed by S Immo. It was opened in 2010 and hosts over 130 stores.