Militari Shopping Center: We had to replace eight tenants

Eight out of the 60 tenants of the Militari Shopping Center in Bucharest, whose opening is set for tomorrow, have cancelled their contracts in the last few months, as a result of difficulties to finance the expansion. “The project was fully rented out three months before the opening, but we had to replace eight stores, among which a bookstore of Hungarian group Alexandra. Around 95% of the space will be inaugurated on the opening day, with the exception of five stores, among which Kenvelo, Leonardo and Springtime,” Stephan Bonk, managing director of Atrium European Real Estate on the Romanian market, owner of Militari Shopping Center, told ZF. Bonk did not specify which the other retailers to have dropped out of their contracts were. Built in the wake of an almost 75 million-euro investment, Militari Shopping Center is the fourth retail project inaugurated in Bucharest since the beginning of this year, after completion of expansions in Plaza Romania and in Iris Shopping Center and of the Grand Arena project in the South of Bucharest. The four new retail areas have brought around 200 stores to the Bucharest market. Atrium European Real Estate intends to get around 7.7 million euros per year from rent, at an average of 15 euros/square metre per month, with the project’s lettable area to exceed 51,000 square metres as of tomorrow. The second Auchan hypermarket in Bucharest was opened within the project in December, while stores of retailers such as Decathlon, C&A, Hervis, Takko, Deichmann and Humanic will open tomorrow.