Last October, the developer's general manager in Romania, Reuven Havar, announced that the mall had rented 90 percent of its entire rentable area and had ceased to offer further spaces. “Although the mall has rented 90 percent of its areas, we are no longer offering further spaces. As a developer, if you want good profits, you must not rush the rental process,” said Havar at the time.
According to the developer's plans, the commercial center will be opened in the last semester of 2009, when it will deliver 76,000 sqm in 250 commercial spaces, as well as a multiplex cinema with 20 halls, a Real hypermarket and 2,500 parking spaces.
Last year, the commercial center's developer AFI Europe, the real estate division of Israeli group Africa Israel Investments (AFI), said it had secured EUR 234 million financing from Hypo Real Estate Bank for the development of Cotroceni Park, a project which was launched in 2007.
According to official data, the loan was granted for eight years, and covered 80 percent of the entire investment, estimated at almost EUR 300 million.