Real estate developer Immochan has invested EUR 35 million so far into its Coresi Shopping Resort in Brasov, in Central Romania, and the project is 60 percent completed. The total budget for the project is of EUR 60 million. Work is scheduled to end in the first quarter of 2015, when the shopping center should open, according to plan.

The developer has leased 70 percent of the shopping center to retailers such as Inditex, Kenvelo, Lee Cooper, Brioche Doree, Flanco, Decimas, Sabrini, Yves Rocher, Profihair shop, TUI Travel, Come Back Coffee, MOA, Arsis - Vodafone, Inmedio, Sensiblu, Auchan and Flanco, among others.

The hypermarket is almost done, and the shopping galleria is also close to completion. Coresi Shopping Resort will occupy only a quarter of the land plot owned by Immochan in Brasov, on the former premises of the Tractorul factory.

The shopping galleria will host 130 stores. “We are currently in advanced talks to several retail networks with European operations […],”said Tatian Diaconu, general manager of Immochan Romania.

The project will feature a 1,500 sqm entertainment area for families, a 3,500 sqm food court, and a 3,200 sqm cinema with 8 digital screens. Coresi will also include an area for local artisans. An Auchan hypermarket on some 13,300 sqm and a 32,000 – sqm retail galleria will also be part of the project.

Immochan develops real estate projects in partnership with retailer Auchan, as well as leases shopping gallerias and retail parks, which it also manages, including Auchan properties.

Immochan Romania is currently developing Coresi Brasov and a retail center in Drumul Taberei in Bucharest, totaling some EUR 120 million in investments.

editor@romania-insider.com