Carrefour has previously signed leasing contracts for three other projects by RED, in Constanta, Braila and Arad. RED will invest EUR 150 million in these two latest announced projects. Both of them are currently towards the end of the design phase.
Radius Shopping Business & Arts in Baia Mare will comprise a shopping galleria of 40,000 sqm, 18,000 sqm of offices, a 7,000-sqm hotel and some 2,000 sqm of space dedicated to art. The project is expected to be completed towards the end of 2009.
The Armonia shopping center in Satu Mare, which will open in September, will comprise a 20,000-sqm shopping galleria on a total of 50,000 sqm in built area. The project is the third under the Armonia brand, after those in Arad and Braila.
Trident Plaza mixed project in Constanta, developed by RED and owned by Austrian investment fund Immoeast, is worth over EUR 100 million and will total over 130,000 sqm. The complex comprises a shopping mall, two office buildings in partnership with World Trade Center, and a four-star hotel with 250 rooms. Trident Plaza is being developed by RED through two special purpose vehicles now in Immoeast's portfolio: Harborside Imobiliara and Harborside Hotel.
RED is a real estate developer active in South-East Europe, with a focus on Romania. Its main shareholders are investment funds GED Group from Spain and US-based Warburg Pincus. Managed by businessmen Teodor Pop and Andrew Stear, it has so far announced more than EUR 800 million of projects around the country. In Arad, RED is building the Armonia project, acquired by Immoeast last year for EUR 78 million. With a total built area of 42,000 sqm, it will
comprise a Carrefour, a Bricostore and 80 stores in a commercial galleria.