400 million of investment, Robert Kern, project manager for Romania with Real4you, told BR.
Broadhurst sold the seven-hectare plot last year for some EUR 60 million. Electroaparataj is located in the eastern part of Bucharest, in a residential area.
The Austrian developer, which controls the discount chain MiniMax in Romania, is now in the master-planning phase for its Mega.Mall project in Bucharest, and will apply for the necessary permits in the next three months, says Kern. Construction works should start in July 2009, with the opening scheduled for end-2011 or the beginning of 2012.
Real4you is planning to expand the Mega.mall chain to cities such as Focsani, Targu Mures, Pitesti and Satu Mare, all projects with 30,000 sqm of leasable space, on average. A 60,000 sqm Mega.Mall is also under development in Oradea. Construction works at the chain should start by the end of this year, says Kern.
The Austrian developer will also go for retail parks in Botosani, Braila, Ramnicu-Valcea and Giurgiu, with average leasable spaces between 15,000 and 30,000 sqm. The company has already bought plots for the Family Center retail parks in these cities.
Real4you controls 12 Minimax stores in Romania, with an additional four to open in March this year. “Another 16 pieces of land have been bought and are under development,” Kern told BR.
Over the long term, the discounter intends to reach a 150- to 200-unit network.