Cora to open Arad hypermarket in GTC's EUR 70 million Galleria mall

French hypermarket chain Cora has signed a lease agreement to open a hypermarket in GTC's Galleria Arad, which will be inaugurated in 2011. Romania Hypermarche, which runs the Cora hypermarket chain in Romania, will open a 9,000 sqm hypermarket in Galleria Arad as the first shop in the city.

Galleria Arad is already over 60 percent leased and GTC is in negotiations with several international fashion brands, as well as local retailers. Brands like Reserved, Sprider, Leonardo, House of Art, Fox, Cinema City, Tina R, Altex will be featured in Galleria Arad. Galleria Arad will deliver 33,000 sqm leasable area with an investment of EUR 70 million. The project is financed by the European Bank for Reconstruction and Development (EBRD). GTC Romania entered the retail market in partnership with Aura Investments for developing ‘Galleria’ international chain of shopping malls. GTC holds 85 percent of shares in Galleria Arad while Aura Investments holds the remaining 15 percent. The ‘Galleria’ brand is the name under which GTC develops the shopping and entertainment centers in Central and Eastern Europe and now in Romania and Bulgaria. Besides Galleria Arad, GTC Romania owns three more shopping centers under operation in Buzau, Suceava and Piatra Neamt. GTC Romania has another shopping center project in pipeline in Galati and the construction works of the project will start by next year. GTC has developed offices in Romania, with the most recent one being the City Gate two-tower building in Bucharest, as well as residential - the Rose Garden project - together with retail- the Galleria chain. GTC is among the first foreign real estate developers to have built offices in Romania and is known for the development of the Europa House and America House office buildings in Bucharest. Romania-insider.com