GTC to open Galleria shopping center in Romanian city Arad in October

Israeli real estate developer Globe Trade Center (GTC) will open its fourth Galleria mall at the beginning og October, in the city of Arad, west of Romania, according to Ziarul Financiar newspaper. This will add to the existing similar shopping centers in Suceava, Buzau and Piatra-Neamt.

The Galleria in Arad will have 33,000 sqm, which will host stores like Cora, Altex, Zara, Pull & Bear, Bershka, and cinema operator Cinema City. The Galleria Arad shopping center, a EUR 70 million project, has been financed by the European Bank for Reconstruction and Development (EBRD). GTC has leased 90 percent of the shopping center. GTC Romania entered the retail market in partnership with Aura Investments for developing ‘Galleria’ international chain of shopping malls. Aura Investments, which used to hold 15 percent in Galleria Arad, made an exit from the project when it sold its stake to its partner GTC earlier this year. Aura made a similar move with its stakes in the other Galleria centers in Romania. 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. 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. editor@romania-insider.com (photo source: GTC)