Raiffeisen Evolution starts work on EUR 150 mln Promenada Mall in Bucharest

Real estate developer Raiffeisen Evolution will invest some EUR 150 million in developing the Promenada Mall project located in the Floreasca area of Romania’s capital, according to the company’s representatives.

The company have just started construction of this new shopping center, which is expected to involve an investment of some EUR 150 million, according managing directors Gerald Beck and Markus Neurauter, quoted by PropertyEU.info. The opening is set for end-2013 and will cover a gross floor space of about 55,000 sqm. The mall will feature about 1,300 underground parking spaces. Raiffeisen is currently working on 33 projects, which have an estimated investment value of EUR 1.2 billion. “We are pushing forward with development in places where virtually no one is currently building and where we anticipate a fall in vacancy rates and increasing demand for new offices and retail facilities,” said the company’s representatives, quoted by PropertyEU.info, and adding that “we are also looking for new acquisitions especially in our core markets of Poland, Romania, Hungary and Austria”. All of the company's office projects in Bucharest are currently fully let, according to company representatives. In December last year, Raiffeisen Evolution sold an adjacent project - Sky Tower. This will become the tallest building in Bucharest, at 137 meters, and was sold to Raiffeisen Property InternationaI GmbH. Read more about this here. Irina Popescu, irina.popescu@romania-insider.com (photo source: Raiffeisenevolution.com)