EUR 130 mln Promenada mall opens in Bucharest

Newsroom 16/10/2013 | 12:51

The 35,000 sqm Promenada shopping mall in northern Bucharest will officially open this Thursday. The project was developed by Raiffeisen Evolution and required an investment of more than EUR 130 million, said company representatives.

Promenada mall is located at the crossroads of Floreasca Road, Pipera Road and Barbu Vacarescu Street in an area of Bucharest where several office projects have been developed over the past few years. Three of these projects – Oracle Tower, Sky Tower and Floreasca City Center Office – have been developed by Raiffeisen Evolution and later sold.

The location was essential when deciding to invest in the project and it is by far the mall’s most important competitive advantage, say Raiffeisen Evolution representatives. The shopping mall’s catchment area amounts to more than 500,000 people, out of which, the closest catchment area is made out of people with higher than average purchasing power.  Overall, the developer estimates a footfall of some 25,000 visitors an average per day with the peack projected to be reached during the holidays.

Promenada has a gross leasable area of 35,000 sqm. It comprises 140 stores located on four floors. The largest tenant is fashion retailer Peek & Cloppenburg (some 4,800 sqm). Other tenants include H&M, Humanic, Lacoste, Manoush, Stefanel, Suvari, Tommy Hilfiger, U.S Polo Assn, Vicomte A, Cacharel, Calzedonia, Chic Ville, Douglas, Ecco, Intimissimi, Kazar, MAC, Massimo Dutti, Musette, Roberto Bravo and Sephora. The shopping mall has 1,300 underground parking places and on the last floor it features a food-court, a World Class fitness and a 7,000 sqm terrace which will act as garden during the summer time and an open air skating rink during the winter time.

Promenada mall is the fourth shopping center to be inaugurated this year in Romania after Uvertura Mall Botosani, Cora Bratianu in Constanta and AFI Palace Ploiesti. However, the project is by far, the biggest shopping mall to be opened this year in the country.

Its construction started in  January 2013 after the malls’s initial project underwent several changes.  Raiffeisen Evolution is now looking to sell the project and says that it has already received some offers.

Read more in next week’s print edition

Simona Bazavan

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