Avrig and Cascade to open Pallady Shopping Center in 2012, with Auchan and Decathlon as tenants

Real estate developers Avrig 35 and Cascade Group will build Pallady Shopping Center, a retail project in east Bucharest that will open in 2012, Avrig 35 has announced. Avrig 35, a company controlled by investor Alexander Hergan, has signed leasing agreements with retailers Auchan and Decathlon, which will open units in the new project. Details of the project will be disclosed in a conference this week.

The project will be built on a 30-hectare land plot on Theodor Pallady Boulevard which used to belong to pharmaceutical producer Zentiva. The pharma company sold it to Avrig 35 in 2006. According to previous announcements, the project is supposed to include office, retail and residential space, in a scheme that will require EUR 750 million in investment.

Avrig 35 built the Charles de Gaulle Plaza project in Bucharest, which was half sold to CA Immo and then entirely to GLL investment fund. The developer’s most recent project was Iris Shopping Center in Titan. That site was sold to DEGI for EUR 147 million. A similar shopping center was constructed in Pitesti, under the name Iris Shopping Center Pitesti. Avrig 35 Group was established in 1999 by four American investors. Cascade Group is a fully owned subsidiary of East and Central European Venture Capital BV, registered in the Netherlands, which has funded both commercial and residential real estate developments. The developer built the Cascade office, which was sold to investment fund Fabian. The company is currently working on the Euro Tower office project on Barbu Vacarescu Street, with some 18,000 sqm of office space.

Corina Saceanu

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