REPACO Capital kicks off works at EUR 15 mln retail park close to Bucharest

Developer REPACO Capital said on Thursday, February 29, that it started the construction of a new strip mall, Crevedia Retail Park, close to Bucharest. The project is set to open in the second half of 2024 after a total investment of over EUR 15 million.

More than 80% of the retail park’s 12,000 square meters of GLA have already been leased, the company said. The total land area is 30,000 sqm.

Located on Bucharest - Târgoviște Road, Crevedia Retail Park will serve around 70,000 potential customers from the area north-west of Bucharest, who live in Crevedia and the surrounding villages (Cocani, Crevedia, Dârza, Mănăstirea, Samurcași), in Buftea, in Mogoșoaia and, possibly, in the Tamași-Corbeanca area.

When it comes to the tenants, the new strip mall will mark two firsts, the developer said.

On the one hand, it will host the first Annabella supermarket near Bucharest, with an area of 1,800 sqm. Annabella is a Romanian retailer founded in 1994 and currently runs a network of over 115 stores. Its turnover topped EUR 100 million.

Then, Finnish fast food chain Hesburger will enter the Romanian market with a drive-in restaurant in Crevedia Retail Park. Founded in 1980, the Hesburger company has reached more than 470 locations in seven countries, registering annual revenues of EUR 458 million (2021).

Other brands include Deichmann, DM, Fressnapf, KiK, Pepco, JYSK, Sinsay, and TEDi.

The development of Crevedia Retail Park involves REPACO Capital, a company owned by GELD Capital Management and Muntenia Engineering & Construction, in partnership with Weststar Real Estate, the real estate investment division of International Alexander Holding (Arad), owned by the Apreutese family, and the consultancy provided by CEE Estate.

REPACO Capital also has the Timișoara Retail Park project underway, with a GLA area of 5,000 sqm to be increased to 27,000 sqm by the end of 2024, and total investments of EUR 34 million.

(Photo source: the company)