This project completes the series of announcements made by Meinl for Romania, after announcing plans to build a EUR 700 million network of commercial centers.
The first of them will be developed in Arad on a 22-hectare plot. The Arad project will comprise 60,000 sqm of leasable area and needs EUR 70 million of investment. Completion is scheduled for 2009.
Meinl is also planning a commercial center in Constanta, to be built in partnership with Krammer & Wagner. The EUR 130 million project consisting of 52,000 sqm of office space should be also end in 2009.
Meinl European Land entered the local market in 2004 by taking over Militari Shopping Center from Belgian developer Liebrecht & WooD for EUR 20 million. At the end September, the property was worth EUR 43.2 million, an increase on the EUR 38 million value at the end of last year.
The company has reported a 7.8 percent increase of its revenues from rents in Romania, up to EUR 970,000.