IMMOFINANZ sold the former Armonia Center Arad to the investment company Oresa

IMMOFINANZ, one of the strongest real estate investors in Romania focusing on the retail and office segments, has sold the former Armonia Arad shopping centre to Oresa, a company controlled by Swedish investors with a strong presence in the local market. Oresa plans to develop a mixed-use project with an industrial and retail component.

“The transaction is an important step for us and is part of the company’s strategy aimed at consolidating and expanding the successful brands we own in our portfolio, namely myhive, in the office segment, as well as VIVO! and STOP SHOP, in the retail segment”, said Fulga Dinu – Country Manager Operations, IMMOFINANZ Romania.

“This is the second acquisition this year, in Romania, of Oresa’s real estate division. We find interesting the opportunity to transform this property into a modern industrial and retail park, very well positioned for both large and small and medium-sized clients, who need modern spaces close to the city, for production activities, warehousing or showrooms”, said Cornel Marian, Managing Partner Oresa.

The works to modernise the property will start after plans are finalised and permits are obtained, in the first half of 2022, and the launch is planned for the first half of 2023.The entire project has a land area of 110,000 sqm and a gross leasable area of 43,000 sqm.