Vitantis Shopping Center concludes 3 new leasing transactions with a total area of 3,900 sqm

Aurel Constantin 23/08/2021 | 14:41

Vitantis Shopping Center retail park, located in Bucharest, district 4, benefiting from one of the largest and most densely populated catchment areas in the city, at the intersection of two dominant neighbourhoods – Berceni and Titan – has signed 3 new leases with a total area of 3,900 sqm and lease terms between 5 to 10 years, in a record time of six months and amidst the challenging post-COVID context. Two new Romanian retailers relevant to the local community, Proges and LaserMaxx, have joined the existing tenant mix in Vitantis, comprising La Cocoș supermarket, the DIY retailer Brico Depot and the furniture retailer Casa Rusu, while Grill Market has also expanded and consolidated the leased area in the retail park.

 

Proges is one of the most important Romanian retail companies specialized in interior design products, laminate and multilayer floors, carpets, rugs, curtains, wallpaper and interior doors. Proges currently operates 22 stores across Romania and has recently become the new tenant in the Home Center box in Vitantis. LaserMaxx Romania opened the first arena in the country in March 2007, is the market leader in the segment of laser tag and parties for children over 8 years and will open in Vitantis the largest and most varied space in its portfolio, situated on the 1st  floor of the Family Center unit. Grill Market, a Romanian brand specialized in the delivery of outdoor cooking and entertainment products – grills and accessories, has expanded its leased area in the Home Center retail unit. Brico Depôt Romania, part of the Kingfisher Group and the second player on the DIY market in Romania, currently occupies a space in excess of 9,000 sqm.

Vitantis Shopping Center has a gross leasable area of ​​38,000 sqm, built on a land plot of approximately 8 hectares. The park is located in the southeast of Bucharest, at the intersection of two main routes Splaiul Unirii and Şoseaua Vitan-Bârzeşti, linking the center of the city with the east and south, in a densely populated area of ​​the city, serving residents of Districts 3 and 4. The retail park benefits from a variety of amenities, being located in the vicinity of the largest hotel in Romania and having easy access by public transport with 4 bus lines. The retail scheme is structured in 3 distinctive units: the first unit is fully occupied by Brico Depot, the second unit, called “Home Center”, currently hosts the furniture retailer Casa Rusu, Proges and Grill Market, and the third unit, the shopping center building “Family Center”, comprising ground floor and 1st floor, which hosts La Cocoș (ground floor) and LaserMaxx (1st floor).

Oana Partenie, Head of Property Management for Ceres Romania, the company in charge of property management for Vitantis retail park, states: “In a very challenging year for the Romanian retail market, the retail parks have proven to be more resilient than shopping malls, and Vitantis Shopping Center is no exception, being of interest for potential tenants, having excellent visibility, fewer restrictions imposed and benefiting from direct outdoor access to tenants’ units. Following the opening in November 2020 of La Cocoș supermarket and its excellent performance in its 10-month period of operation, succeeding to generate a footfall of over 3,000 people per day, Vitantis has reappeared on the radar of retailers, attracting new, well-known Romanian brands, which have excelled in becoming established businesses, expanding their network regionally or nationwide. We are excited to be part of the successful journey of local retailers while remaining a stable partner for the community in districts 3 and 4, by creating new jobs and bringing affordable shopping close to many families affected by technical unemployment during this exceptional period. The visitors of the retail park have direct outdoor access from the parking to the Brico Depot store and to the tenants in the Home Center building and can use the surface car park of 840 spaces. The new tenants will benefit from direct outdoor access, a relevant fact in the current context and of a potential forth wave caused by COVID 19 ”. According to JLL data from June 2021, the retail park has a catchment area of approximately 350,000 residents.

Revetas Capital, European real estate investment advisor, which manages the retail park, is nearing the conclusion of the leasing program initiated in Vitantis Shopping Center, following a time-record and successful campaign, in parallel with the execution of significant improvements in terms of access and asset management of the retail park: “Vitantis Shopping Center currently benefits from substantial improvements in the overall accessibility, including the state-of-the-art parking system, strongly focusing on creating a superior shopping experience for customers while closely working at adding diversification to our retail partners’ portfolio, with the ultimate goal of aligning the tenant mix and providing upgraded service for the Vitantis client community. In this direction,  we endorse the successful opening and further expansion of the La Cocoș supermarket, complemented by the diversification of the mix of products and services offered  by adding the well-known Romanian brands Proges, Grill Market and LaserMaxx “, says Radu Boitan, Head of Investments at Revetas Capital Advisors.

With regards to the evolution of retail parks in the current market context, Radu Boitan adds: “The exceptional evolution recorded by Vitantis Shopping Center during the last 18 months is aligned with the resilience shown generally during the COVID period by the retail parks at global level and represents simply another value adding outcome of its superior concept combining the mix of highly accessible locations, proximity to its customer communities with the viable physical and fluid functional layouts. All these aspects are offering a rapid and user-friendly experience to its customers and a high management quality and efficient level of occupational cost to its tenants.  Retail parks will continue to fulfil an important role for their urban communities in terms of  “brick and mortar” direct sales while continue to evolve by incorporating click-and-collect services and micro-fulfilment options ultimately offering consumers a widely diversified shopping experience” .

Revetas Capital currently manages real estate investments in total value of over 1.55 billion euros. Its portfolio of assets in Romania includes the Raddison Blu Hotel, The Landmark office building, as well as the Vitantis shopping center, all located in Bucharest.

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