Austrian Delta plans to build 20 shopping centers across Romania

Delta is currently working on West Gate shopping center in Craiova, which was sold to Austrian investment fund Immoeast. The developer's strategy is to start projects in partnership with companies that can provide financing, and to sell the shopping centers to investment funds. The shopping mall in Craiova requires a EUR 100 million investment and should be completed in 2009. Currently being built in the Western part of the city, it will feature 74,000 sqm of gross area, out of which some 39,000 sqm will be leasable area. The mall will feature 150 stores, and 60 percent of the space has already been leased out. The center will also feature a 1,000-seat cinema, an entertainment area and a restaurant area. Developer Delta is part of Delta Holding, with activities in architecture, project management and real estate development. The company is currently involved in several projects in Ukraine and Croatia, aside from Romania. Immoeast is one of the biggest property owners in Romania, with a portfolio of 132 properties worth EUR 3.47 million as of April this year. The fund has recently announced its intention to sell some of its properties in SEE, most of which will be in Romania, which makes the bulk of its SEE portfolio.

Corina Saceanu