Alpha Bank Romania scraps shopping mall project in Romania's Timisoara and sells the land
Alpha Bank Romania sold the 60,000 sqm plot of land in Romania’s western city Timisoara, where it was planning to develop a shopping mall, to German retail chain Lidl and two other investors, Ziarul Financiar reported.
Romania Insider · Journalist
· Updated · 1 min read
Alpha Bank Romania sold the 60,000 sqm plot of land in Romania’s western city Timisoara, where it was planning to develop a shopping mall, to German retail chain Lidl and two other investors, Ziarul Financiar reported.
Alpha Group Investments in partnership with businessman Ali Ergun Ergen announced in the spring of 2016 plans to develop Timisoara Centrum, a mall valued at EUR 90 million.
Part of the land was sold to Lidl, another part to a local residential developer and the rest to a third investor, who will also build residential or commercial spaces, according to sources in the real estate market.
Considering the location of the land in the proximity of the central area, according to ZF estimates, the transaction was carried out at a price between EUR 12 mln and EUR 18 mln.
The shopping mall project was put on hold in 2017. Initially planned at 60,000 sqm, Timişoara Centrum’s plan was expanded to 80,000 sqm rentable area.
(Photo: Pixabay)
