Immochan changes its name to Ceetrus, focuses on mixed-use real estate developments

The real estate developer Immochan, connected to the French retailer Auchan, is changing its name in Ceetrus in a brand transformation that started two years ago.

According to the company, the new name embodies its evolution from a commercial real estate company to a mixed-use real estate developer.

The French company developed the Coresi project in Brașov, a mixed-use urban regeneration real estate scheme, which includes a EUR 60 million retail park, Coresi, 3,000 residential units in Coresi Avantgarden – in partnership with Avantgarden Immo Invest – and an office complex.

The latter is located on the same former industrial platform Tractorul, with 40,000 sqm of office spaces, which was bought last summer for around EUR 50 million.

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Tatian Diaconu, CEO of Ceetrus, announced last year that the company is interested in new retail projects and is targeting cities like Bucharest, Craiova and Sibiu.

”I do not believe in medium retail projects. They must be either emerging, serving an area that can be covered within ten minutes of walking, either regional, or very large,” Diaconu said.

A move towards this new direction of the company was the rebranding of the retail development “Auchan Drumul Taberei” in “Drumul Taberelor” and its transformation in a community center.

By 2021, Ceetrus plans the opening of 80 new centres or extensions in France, Eastern Europe (including Romania) and Asia, and has 1.2 million sqm of projects in the pipeline.

The company will invest more than EUR 1.9 billion in the development and improvement of its park by 2021, and EUR 1.2 billion in other activities in order to achieve its new strategies.