Avrig 35, held by Alexander Hergan, together with real estate developer Cascade Group will invest €80 million in a new shopping park in east Bucharest. The anchor tenants are Auchan hypermarket and Decathlon, apparels and sport-equipments retailer.
Pallady Shopping Center will be located near the subway station Nicolae Teclu and is scheduled to open doors in the second half of 2012, and represents an investment of €80 million. Construction works will begin in May-June this year.
The anchor tenants are Anchor (with a gross surface of 30,000sqm) and Decathlon (7,000 sqm). The center will boast a do-it-yourself store (15,000sqm), home-furnishings and decorations store (25,000 sqm) and a shopping center with more than 110 stores (20,000sqm).
Avrig 35 is also in advanced talks with Deichmann, Burger King, KFC, McDonalds, Takko, New Yorker, Sprider, Cache Cache, Pet Center, Tina R, Jysk, Starbucks, Marks and Spencer, Forever 18 and Diverta.
Pallady Shopping Center is developed by Avrig 35 and Cascade Group, and the prime source of financing will be their own pockets.
“Banks are pretty reluctant when it comes to financing new projects. Since the shopping park is almost 100% pre-let, except for the shopping center, we won’t have any problems in attracting new investors. We are in talks with three non-European investment funds”, said Alexander Hergan, CEO of Avrig 35.
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