RED temporarily shuts down Armonia mall in Braila and puts EUR 1 mln in repositioning

Subsequently, the mall will be closed for 6 to 9 months, with the tenants' permit, including that of the main anchors. For re-organizing the mall's gallery, RED would assign an amount of EUR 1 million to EUR 1.5 million. According to their estimations, the problem with Armonia mall has been the over evaluating consumption power of the potential consumers in the area, added to the general economy downturn. The Braila site is the second such project developed by RED on the local market, following Armonia Center in Arad. The mall in Braila, which cost EUR 50 million to build, hosts its tenants on a 47,000-sqm site, including retail anchors Carrefour with 13,000 sqm, Altex on 2,526 sqm and Flanco with 1,015 sqm. The site also has a car park with 1,625 spaces.
RED is owned by investment funds Warburg Pincus and Spanish GED Capital.
Magda Purice