The company has so far invested EUR 150 million in its land bank totaling 60 hectares in cities such as Oradea, Targu Mures, Ploiesti, Arad, Bacau and Sibiu, all with over 100,000 inhabitants. Negotiations are underway to secure sites in Galati, Iasi and Baia Mare. The developers have acquired land plots of an average between seven and ten hectares, with the biggest plot, some 13 hectares, being located in Bacau, John Houghton, property director with Mivan Development, told Business Review. The highest sum paid by Mivan for a piece of land was EUR 25 million, for a ten-hectare plot, said Houghton. The company has faced long negotiations to secure sites. “For example, we bought the site in Ploiesti in a year,” Houghton said. The land bought so far covers 70 percent of the areas needed for the Tiago Malls chain.
The planned malls will require between EUR 70 and 90 million in investment each and will cover from 25,000 sqm to 40,000 sqm. The mall in Bacau will be the biggest of the projects, with an estimated 40,000 sqm of gross lettable area.
Tiago Mall Oradea, for which construction works should start within a month, will be opened in 2008. After that four malls will be inaugurated every year.
Mivan Development is currently working on the EUR 70 million Liberty Center mall and on New Town Residence in the Dristor area of Bucharest.