Local investors start EUR 60 mln real estate project in Romania’s Oradea

The Mudura family, which owns the Lotus Center mall in Oradea, western Romania, will develop a new real estate project in the city with an investment estimated at EUR 60 million. The project, which will include a commercial center as well as residential and office spaces, will be built on the site of former Infratirea factory in north-western Oradea. It will cover a total of 147,000 sqm and its first phase is scheduled to be completed in the first quarter of 2017. The new commercial center will have a built area of 32,000 sqm and a leasable area of 25,000 sqm. It will also feature a parking with 1,000 spaces, fashion stores, restaurants, entertainment spaces, and a cinema with six screens. In a second phase, the Romanian entrepreneurs will also build office buildings, spaces for public institutions and banks, as well as apartment buildings. Lotus Center, which has a total built area of 65,000 sqm, was opened in 2002 and it was the first mall in Oradea and in western Romania. Owned by the Mudura family, the commercial center went through several modernization works over time: it was expanded in 2006, and it was revamped and further expanded in 2008. In 2011, the mall’s entertainment area was also modernized while its mix of tenants was completed with other names. Some of the current tenants of Lotus Center are Carrefour, Media Galaxy, Zara, H&M, C&A, New Yorker, and Hervis. The mall has a leasable area of 40,000 sqm, 1,400 parking places, and 150 stores. Besides developing the Lotus Center, the Mudura family is also known for being the first to import the Ferrero products in Romania, namely the Kinder eggs, Tit-Tac mints, and Raffaello pralines. Romanian real estate investor starts EUR 220 mln mixed real estate project in Timisoara Romanian investor Iulian Dascalu inaugurates Palas Iasi multifunctional complex Irina Popescu, irina.popescu@romania-insider.com