Biggest mixed-use project in Western Romania, a EUR 442 mln investment, officially opens

Romanian real estate developer Iulius Group, owned by local investor Iulian Dascalu, and Atterbury Europe, officially opened on Friday, August 30, the Iulius Town mixed-use project in Timisoara, the largest investment in the region, adding up to a total of EUR 442 million. Iulius Town was developed around Iulius Mall Timisoara, integrating it into an extensive urban regeneration project, and completing it with new retail, office, and entertainment facilities.

The investment in this project to this date, including Iulius Mall Timisoara (opened in 2005), amounted to EUR 327 million. Another EUR 115 million is directed towards developing the tallest office building in Romania, currently under construction. The project’s total built area will reach 443,000 sqm, after the completion of the last office building.

Iulius Town is the first mixed-use project developed in the west of Romania and the second in the Iulius Group’s portfolio after Palas Iasi. The project aims to draw clients from the whole Banat region as well as from neighboring countries, Serbia and Hungary.

“In 2005, when we were opening Iulius Mall Timisoara, we knew we were not going to stop here, and our clients have confirmed this expectation. Iulius Mall has rapidly integrated into the life of a target audience that extended across the country borders and compelled the continued development of the project at a much larger scale. Iulius Town is now the city within a city, a mixed-use project that generates added value for the community and for the entire area. Together with our partner, Atterbury Europe company, we have developed a regional business hub that feeds into the economic development, as well as a cosmopolitan shopping and leisure venue that is unique in Romania,” said Iulian Dascălu, president of Iulius Group.

“In June 2017 we entered into a 50/50 joint venture with Iulius to accelerate the rapid development pace of Iulius Town Timişoara, among other projects. Our partnership is delivering powerful results as can be seen in the infinitely impressive first phase of the mixed-use retail, entertainment, and office development,” said Henk Deist, CEO of Atterbury Europe.

Located in downtown Timișoara, Iulius Town is the greatest real estate project to open in Romania this year. The project has set several records: the largest retail area outside of Bucharest (120,000 sqm, 450 stores) and the largest offer of class A office premises in the region (more than 100,000 sqm).

The expansion of Iulis Mall has made room for new retailers such as Zara Home, Oysho, Peek & Cloppenburg, Liu Jo, Intimissimi, Marks & Spencer, Distinctive multibrand - A | X Armani Exchange, Napapijri and Pepe Jeans London, Superdry & New Era, Next (kids), Sizeer, Grid, Primigi, Teilor Fine Jewellery, Beautik Haute Parfumerie, and Meli Melo Deco.