Argo Group Limited announces that its private equity fund, the Argo Capital Partners Fund 1 together with a local joint venture partner, Omilos Group, has opened the ERA Shopping Park in Iasi, the first of two planned retail parks to operate under the ERA Shopping Park brand. The ERA Shopping Park Iasi will be the largest outside of Bucharest and the second largest in Romania.
ERA Shopping Park will be the second largest Retail Park in Romania.
The Era Shopping Park Iasi is based in Romania's second largest city, situated in the North East of the country close to the Moldovan border. Iasi is a rapidly expanding City with an increasingly affluent population. ERA Shopping Park Iasi is ideally located, easily accessible and will offer on completion in excess of 115,000 m² GLA, firmly establishing the project as the dominant destination shopping center in the region.
The first phase of the development opens today with an occupancy rate of a 100%, covering 37,000 m² across four anchor tenants: Carrefour (French food retailer), Praktiker (German DIY chair), Altex (a consumer electronics chain) and, finally, the Carrefour Galleries.
The second phase of the development, which will house additional anchor tenants, is expected to be completed and begin trading between spring 2009 and spring 2010.
Among others, tenants in phase two will include Mobexpert, as well as a large Cinema Complex under the operation of Cinema City. Phase two has a GLA of 43,000 m² and leases for these units are at this early stage being negotiated with good progress due to the strength and appeal of the scheme and anchor tenants.
Once completed, ERA Shopping Park Iasi is projected to generate