20-million euro mall in Bacau

Arena City Center company will invest 20 million euros in a mall in Bacau with a surface area to be rented of some 20,000 square metres and some 150 stores. “We have already started construction works and we hope to complete the project in September next year. The financing will be approximately 60% secured from banking funds, with the rest to be supplied from our own funds,” stated Ovidiu Budeanu, chairman of the developer. According to him, the company has signed funding agreements with HVB and Bancpost. “The space in the mall that has already been pre-rented accounts for some 40% of the total surface area, which can be rented,” Budeanu added. The exclusive broker of the project is the real estate company Eurisko. The plot of land where the commercial project will be carried out has a 40,000 square metre-surface and is owned by the developer. Company plans also include entering the four-star hotel market dedicated to the business sector, with the Arena hotel. The hotel will be located near the mall, and construction works will start after the commercial project is completed. ZF