100 million-euro funding for a mall in Sema Parc

German group ECE, one of Europe’s major developers and operators of shopping centres, could arrange funding worth over 100 million euros for a mall, through the Sema Parc project from Bucharest, that will be built on the land owned by Semanatoarea.
The Germans will develop and operate the shopping centre.
“We estimate the investment in the mall will amount to 180 million euros. We will obtain funding worth 100 million euros,” said Ion Radulea, the chairman of River Invest, the developer of the Sema Parc.
He says that, at the moment, he is negotiating with the German group ECE over the final details regarding the mall’s appearance, expecting to obtain the funding after the project is completed.
“ECE will arrange the funding, as well. We had a few offers of our own, but if the conditions obtained by ECE are better, we will sign with them,” added Radulea.
ECE will deliver to River Invest the turnkey shopping centre, as the Germans are in charge of the development and operation, as well as of the funding arrangement.
Radu Merica, general manager with ECE Projektmanagement Romania, confirmed the information.
ECE Projektmanagement has been also been involved on the domestic market before, having submitted a letter of intent for a mall in the Obor area.
ECE Projektmanagement competed for project, worth some 117 million euros, with a consortium of companies run by businessmen Sorin Creteanu and Gabriel Popoviciu, as well as with Anchor Mall, which developed the shopping centres Bucuresti Mall and Plaza Romania.
The evaluation commission announced that the start of negotiations with the consortium made up of Baneasa Investments, Practic, Comnord and Procema.
With an investment worth 180 million euros, the mall from Sema Parc could become one of the major shopping centres to be developed over the following period.