Romanian real estate developer Iulius Group has signed a lease contract with retailer New Yorker, which will open its first store in the Palas shopping center in Iasi, north of Romania. The store will cover 960 sqm in the Iasi-based shopping center owned by Romanian businessman Iulian Dascalu.

The Palas project includes retail, offices and residential spaces, along with hotels. The project is built on a 120,000 sqm area and will be completed this year. It will include Palas Shopping Street, Palas Mall, two office buildings and four residential buildings.

The project, which will require an investment of some EUR 260 million, is being built in partnership with the Iasi City Council, the owner of the land where the project will stand. The real estate developers had estimated the project would bring EUR 150 million in benefits to the local budget until 2055.   H&M, Tommy Hilfiger and Auchan have already been announced as tenants in the Iasi shopping center.

New Yorker company was founded in 1971 in the German city of Flensburg. In Romania, New Yorker has 17 stores in cities such as Bucharest, Cluj-Napoca, Sibiu, Bacau, Suceava, Focsani and Braila.

Irina Popescu, irina.popescu@romania-insider.com