Investment fund Cheynee Capital, which owns the Tractorul platform in the central city of Brasov, where it was planning to develop the Coresi Brasov real estate project, has sold the  site to retailer Auchan, according to the Romanian media, quoting market sources. The deal for the 100-hectare platform was valued at EUR 25 million, less than a third of the price paid for the site in 2007.

Auchan and its real estate arm Immochan are expected to announce their plans for the former industrial platform this week, effectively relaunching the scheme. Originally launched in 2010, the project's first stage, which included an Auchan store, was due for finalization in 2011. However, construction work never started. Auchan will take care of the retail project and hopes to find partners to develop the offices and residential parts.

Flavus Investitii, owned by Cheynee Capital, bought the land of the former factory Tractorul in 2007, for some EUR 77 million plus VAT. The buyers wanted to develop an urban regeneration scheme on the plot, with an aim to invest some EUR 1.5 billion in offices, housing and a shopping center.

Immochan, the real estate arm of retailer Auchan, will develop two projects in Bucharest by 2013, after recently opening an official subsidiary in Romania. The first Auchan City hypermarket, on some 5,000 sqm, will open in the Giulesti area of Bucharest, along with a 2,000 sqm commercial gallery. A second project is planned for the Ghencea neighborhood, a shopping gallery with 100 stores and a 11,200 sqm Auchan hypermarket on the premises of the former Tricodava factory. The two projects will add to the two existing Auchan stores in Bucharest.

Immochan named Tatian Diaconu, the Romanian who contributed to the Decathlon launch in the country, as real estate director for Immochan Romania. Before that, Diaconu was in charge of Bricostore’s expansion in Central and Eastern Europe. Immochan Romania also named David Rosseel as commercial director.

editor@romania-insider.com