French group Immochan has recently purchased a land plot in Satu Mare and plans to expand a shopping center it owns there and start a residential project, its second one in Romania, reports Economica.net.

The company paid EUR 1.5 million for a 7-hectare land plot next to its shopping center in Satu Mare and plans to expand the retail space by some 10,000 sqm. This should take some 2 hectares of land. Immochan will use the remaining 5 hectares for a residential project, according to Immochan Romania general manager Tatian Diaconu.

The expansion to the shopping center should be ready by end-2018 and the residential project may be delivered in 2019-2020. The company is looking to find local partners for the residential component, similar to its project in Brasov, where it partnered local investor Daniela Kasper.

Immochan has developed in Brasov one of the biggest urban regeneration projects in Romania, on the platform of the former tractor factory. The project includes a mall, Coresi Shopping Resort, an office project, Coresi Business Park, and a residential compound, Coresi Avantgarden.

Immochan is one of the biggest property owners in Romania as it controls some 23 shopping centers that host Auchan hypermarkets.

editor@romania-insider.com