The construction of 350-mn euro shopping center to kick off in fall

Nova Imobiliare, held by a number of UK investors, has sealed the contract with the construction company Bouygues, in order to start the works for Colosseum project that will be located in Chitila Road in Bucharest this year's fall.

The investment for Colosseum project will exceed 350 million euro and will cover 620,000 sqm. The construction works will be conducted in two stages. In the first phase, the constructor will build a 58,000sqm-retail park, and in the second stage a 140,000 sqm-shopping center that will comprise over 480 shops and 8,500 parking spaces.

More than 70 % of the retail park is already leased out. Among the tenants are brands such as Carrefour hypermarket, a Flanco store, Altex and a DIY-market of Leroy Merlin.

Currently, Nova Imobiliare is negotiating with various banks for financing. The investor will allocate an additional 30 mn euros to improve access roads and public transport.

The leasing and long-term management of the shopping center will be spearheaded by German-based ECE Projektmanagement, headed in Romania by Radu Merica.

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