Turkish Anchor Grup has announced a EUR 50 million investment in its two Bucharest shopping centers – Bucharest Mall and Plaza Romania. Major refurbishment of the two malls is planned, including architectural alterations, new interiors and the addition of entertainment sections.

Bucharest Mall (in picture, after refurbishment), which is at its second expansion, is to get green spaces and outdoor areas, while a large indoor amusement park is to be added to Plaza Romania. Anchor Grup CEO Ali Ergun Ergen said the scale of the plans would effectively result in two new malls. “It’s not just a renovation, but the first major transformation of a retail project, part of the company’s development strategy for the next 5-10 years,” he said. Both malls will remain open for business as normal while the work is going on.

Following the work, the two malls will have around 100,000 sqm of gross leasable area (GLA), which would account for 25 percent of the premium retail area in Bucharest, according to the Achor Grup CEO. As well as using its own resources for the project, Anchor Grup will be supported by Turkish investment group Fiba Holding.

Bucharest Mall was the first of its kind in the city when it was developed 13 years ago and Anchor Group followed it up with Plaza Romania, which opened in 2004. As well as the two malls, Anchor Grup developed the integrated office and shopping space Anchor Plaza, the InCity Residences residential development and has also opened the MallDova mall in Chisinau, Moldova. Its total investments in Romanian amount to EUR 350 million.

Liam Lever, liam@romania-insider.com

(photo source: Anchor group)