The management of Nisco Invest, the developer of Akademia Center, a part of the Nisco Group, says construction works on the third mall in Cluj are most likely to be completed in 2012, after shareholders had previously set 2011 as a deadline. Representatives for the Cluj-based company expected last year that the Akademia Center project, which, in addition to retail space and office space, also includes a medical centre, would be completed in the first quarter of 2010, but the financial crisis affected the development of the project.
The overall investment in developing Akademia Center revolves around 30 million euros. “The current market conditions no longer allow constructors to progress at the fast pace seen in previous years, so all developers are affected by the economic recession,” Cristina Nistor, representative of Nisco Invest, told ZF Transilvania.
The general contractor of Akademia Center is Portuguese-held Engexpor. The Portuguese company was involved in building over 27 shopping centres in Europe and Brazil. Engexpor posts around 10 million euros in annual turnover, with clients including Multidevelopment Corporation, Inter Ikea, Sonae Sierra, Immoauchan and Chamartin Immobiliaria.
Nisco Invest last year secured an over 30 million-euro loan from BCR. Following the auction organised by Nisco Invest and Engexpor, the company designated to manage the construction of Akademia Center is Soil Tech Drilling.
Akademia Center will have a 41,000 square-metre area, with 18,000 square metres in rentable area. The majority shareholder of Nisco Invest is Cluj-based businessman Calin Nistor.