RRD to invest EUR 45 million in first project in Romania
26 February 2008
The Dutch-Romanian joint venture, Romanian Retail Development (RRD), established last year by the EMCT Romania and Redevco real estate developers will invest EUR 45 million to build a 40,000 square meter commercial centre, its first project on the local Romanian market.
''We are engaged in advanced negotiations to acquire a piece of land outside of Bucharest, hoping to conclude discussions soon, in order to obtain building permits in the second quarter, and begin construction in the fall,'' EMCT Romania’s General Manager, Michael Richard told Business Standard.
Richard explained that the mall will include commercial and entertainment areas, as well as a number of movie theatres, covering some 40,000sqm available for lease, and the estimated value of the investment is some EUR 45 million.
EMCT Romania’s General Manager did not comment on the location of the project, saying that RRD will make an official announcement in June.
Last fall, RRD representatives announced that it was discussing the acquisition of a piece of land in the central Romanian locality with Brasov City Hall. Euro Mediterranee Consulting (EMCT) came onto the local market in 1998 and is carrying out two projects, Sun Plaza Bucuresti and Siret Plaza Galati.