Liebrecht&wooD To Invest In Retail Park In SE Bucharest

Rentals on the first phase of the project, with an area of 90.000 square meters, will start in summer.

The project will be developed on a 60-hectares plot, bought by Liebrecht&wood last year, and it will be similar to the one developed by Baneasa Investments close to national road DN1 in Bucharest, according to Rogiers, who did not mention the value of the investment or details on the structure of the first phase.

The company will use bank financing to fund the project, and it is even considering taking on a partner, but only if this option adds value to the project, the official said.

The other property owned by the company in Bucharest, a shopping center in the Militari area, has two phases, both completed, including an outlet center spanning over 15,000 sqm, which is 73% rented out. Rentals for the second phase will begin when 90% of the outlet is rented.

Liebrecht&wooD entered the local market early 2000, when it began developing the Militari Shopping project, which was sold to Atrium European Real Estate. The company has also developed the Victoria Park office building, at Bucharest northern outskirts, which was later sold Immoeast.

The two deals had a cumulated value of about EUR80 million.