Greek Alpha Group invests EUR 80 mln in real estate project in Timisoara, western Romania

Alpha Group Investments, a division of Greek Alpha Bank, will invest EUR 80 million in a real estate project which will include a shopping center and an office building in Timisoara, western Romania. The new project called Timisoara Centrum will be managed by the local company TBE Business Solutions, founded by Turkish real estate manager Ali Ergun Ergen, and will be due by 2017. It will cover a leasable area of 60,000 sqm, with 10,000 sqm available for office spaces. The pre-lease contracts already cover more than half of the project's surface, according to Ergen. The shopping center will host over 140 stores, including a Carrefour hypermarket, with an area of 11,100 sqm, a cinema with ten screens, and a restaurant area with over 15 units. Timisoara has caught the developers’ attention this year, with several big real estate projects unfolding. Local developer Iulius Group, owned by Romanian investor Iulian Dascalu, will invest EUR 220 million in the Openville multifunctional assembly whereas real estate developer NEPI started the construction of a 70,000 sqm shopping mall. Biggest Romanian mall owner announces EUR 220 mln mega-investment in Timisoara Developer wants to build new commercial center in Timisoara, Romania editor@romania-insider.com