BUCHAREST (Romania), October 20 (SeeNews) – UK's Argo Capital Property said on Thursday that it plans to invest 33 million euro ($36.1 million) to expand its existing ERA Shopping Park in Romania's northeastern city of Iasi.
The company plans to add 30,000 sq m to the existing 50,000 sq m of the shopping park, it said in a press release.
"The expansion will complement the existing tenant mix with a number of new consecrated fashion retailers. Traffic growth but also changes in our clients' profile made us integrate in the expansion project a multiplex cinema with nine halls and to expand the food court area, which has become increasingly important to our customers. ERA Park is a successful project, but I am convinced that through the expansion, it will reach its true potential, " Argo Capital Property CEO Dennis Selinas said.
The company added it is collaborating in the expansion project with Romanian real estate consultancy DTZ Echinox.
"Iasi is one of the most dynamic regional cities. It became the second city for the regional office market, as international companies such as Oracle, Amazon, Xerox or UniCredit decided to open or expand operations in the city. In addition, Iaşi was last year the second largest city in Romania regarding the number of delivered homes, after Bucharest", DTZ Echinox managing director Oana Iliescu said.
Argo Capital Property owns two more shopping parks in Romania - in the northern city of Suceava and in the northwestern city of Oradea - with a total leasable area of 110,000 sq m.
In June, Argo Capital Property sold Shopping City mall in Sibiu, central Romania, to real estate investment trust New Europe Property Investments (NEPI) for 100 million euro.
Through its Argo Real Estate Opportunities Fund (AREOF), Argo Capital Property invests primarily in the commercial property markets of Central and Eastern Europe.
($=0.9121 euro)