„We are looking at several projects for acquisition, some existing commercial centres. Regarding the possible new developments we didn’t decide yet. We would like first to see how Korona will function and when will become a profitable centre. There are a lot of projects for sale countrywide and we are looking mainly to commercial centres that might be extended. Such projects represent a market opportunity on the Romanian market. The development of projects from scratch became a challenge“, has declared Roxana Stănciulescu, who occupies since last autumn the position of senior leasing manager within Echo Investment.
She showed that the level of rents has decreased three years ago with 20-30% and stayed at a similar level ever since, while the investments imposed by the retailers to developers for their offices’ fit out works have increased with at least 30%.
The rent pressure and the competition in Braşov determined Echo Investment to change the concept of Korona commercial centre, which included initially the development on two floors plus an underground level for parking.
The new concept involves the use of the entire area of the plot and the construction of the construction of the commercial centre on one level. Echo Investment initially intended land situated in northern Brasov and to use the land for a further extension on 10,000 sqm.
Korona will have 35,000 sqm, 120 retail spaces, restaurants, an entertainment area, with seven cinema halls, as well as an underground parking. The investment situates arund EUR 100 million. The construction will start next spring and will last for maximum 18 months.
Echo Investment already signed a lease with Carrefour for the project.
In Brasov there are another two projects announced, one on Tractorul industrial platform, developed by the French companies Immochan and Auchan, and another in the south of the city, a project of NEPI, around the existing Carrefour hypermarket, but none of them has already started the works. (source: zf.ro)
