Israeli real estate developer AFI Europe, the owner of AFI Cotroceni Mall in Bucharest, announced it would start building a shopping center in Arad by the end of this year.
It will invest some EUR 40 million in developing the shopping center on an 80,000 sqm land plot it has owned for years, local Ziarul Financiar reported.
"We will begin in the third quarter of this year to build a retail park of 35,000-36,000 square meters leasable area in Arad. We are now bringing the final touch to the concept and are waiting for the building permit," announced Doron Klein, CEO of AFI Europe Romania.
The mix of tenants envisaged for the new project will include an anchor (hypermarket) of 12,000 square meters, a 10,000 sqm do-it-yourself (DIY) store and other stores for which contracts have not yet been concluded.
"We are still in talks with tenants. The construction of the project could take between nine months and one year, according to our estimates, so that at the end of next year we could have this retail park ready," Doron Klein said.
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