Liberty Center, a shopping center owned by three banks (Alpha Bank, Bank of Cyprus and Eurobank) following the insolvency of its developer Mivan Kier, has completed the first stage of a broader refurbishing and re-positioning strategy coordinated by real estate consultancy firm JLL.

The center is located in the south-western semi-central area of Bucharest that hosts high population density but rather low wealth levels.

Mivan Kier of Ireland, which developed the center went insolvent in 2009 and the three banks took over the assets.

The shopping center has completed in 2019 the first phase of the modernization of common spaces, following an investment of EUR 400,000 and opened the largest Auchan supermarket in Romania, on an area of 3,600 square meters.

"With the opening of the Auchan supermarket, in September, we also completed the first part of the modernization. Gradually, through the strategic measures we implement, we aim to turn the mall into a destination to fit the needs and standards of consumers in the area,” said Corina Stamate, JLL Romania center manager.

Local operator Stay Fit will open a 1,500 sqm fitness club in Liberty Center, in a space previously occupied by Happy Gym.

The center is also arranging a 1,000 sqm space for a medical services provider. Thus, the occupancy rate of Liberty Center, representing signed contracts, has reached 91%.

(Photo: Mythy88/ Wikipedia)

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