Element Development to work on two retail parks worth EUR 16.5 mln in Romania

Georgiana Bendre 23/03/2017 | 16:05

The real estate company Element Development will start the development of a retail park in Bistrita Retail Park in 2017, following an investment of EUR 7.5 million. The commercial gallery has 9,000 square meters and will include a Selgros hypermarket.

Also, the company started the authorization for the second project in Targoviste.

Targoviste Retail Park is a project of 11,000 sqm and will be a commercial gallery, worth EUR 9 million.

CBRE is the agency responsible for the leasing process, while Vitalis Consulting was named project manager for the construction of the project.

Bistrita Retail Park should be opened September 2017.

“We have the best location or a retail park in Targoviste, as the property is in the center of the city. We are currently discussion with some tenants for pre-rental contracts and this encouraged us to start the authorization of the project and we intend to start the construction until the end of the year,” said Ionut Bordei, CEO of  Element Development.

Bordei has an experience of over 17 years in real estate industry and joined recently the Element Development team. He set up the the residential department within Eurisko and was appointed partner. He also worked within Cordia Futureal and DTZ Echinox.

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