December 12 (SeeNews) - Real estate developer Nova Imobiliare said on Wednesday it is investing 30 million euro ($34 million) in a shopping mall located in the northern part of Romanian capital Bucharest.
Construction works for the Colosseum Mall have begun as part of the expansion plan of Colosseum Retail Park, a project developed by Nova Imobiliare in 2011.
The decision to expand the existing retail area came following years of good business and improved market conditions, the real estate developer said in a press release.
"We are pleased to announce that we have finalized the selection process of the constructor for the mall and that works have started this month. Together with our partners, we are targeting the opening of Colosseum Mall towards the end of next year," Colosseum Retail Park general manager Mihai Dinu said.
The chosen general constructor is Axa Transconstruct.
Following the investment, the existing retail area will expand by 54,500 sq m of gross letable area (GLA), creating a mixed-use destination for leisure, commercial and corporate purposes.
"The last years we have witnessed the growth of demand in the area due to the large number of residential projects which are being completed or are underway. This will only further increase the demand and Colosseum Mall will be best placed in order to reap the benefits of these improved market conditions," Mihai Dinu added
Colosseum Retail Park enjoys a privileged position due to its proximity to the Bucharest ring road with two-ways access for those who enter and leave Bucharest from Ploiesti, Targoviste and Pitesti.
Nova Imobiliare is owned by Cyrpriot national and British citizen Panico Panayi
($= 0.8785 euro)