Work is now under way on the Colosseum Shopping Centre in Bucharest, Romania, the only shopping centre that will be delivered in the city in 2011. To be built in two phases by Romanian developer Nova Imobiliare, the first phase will include a 53,000 m² retail park of which 70% is already leased to important anchors: the first Leroy Merlin DIY store in Romania, hypermarket Carrefour and electronics retailers Altex and Flanco.
The 20,000 m² Leroy Merlin store will open in summer 2011. Leroy Merlin, a member of French group Adeo and ranked fourth in the global DIY market, owns 236 stores in countries including France, Brazil, China, Spain, Greece, Italy, Poland, Portugal and Russia.
Carrefour will occupy a store of 12,850 m² and will open its doors in the second half of 2011, as will the retail gallery for which a number of leases have been signed.
The second phase will include a 137,000 m² mall hosting over 480 stores, 10,000 parking places, a 1,500-seat food court, a state-of-the-art 12-screen cinema, a 20-lane bowling alley and a fresh food market. The space is available for pre-letting.
King Sturge has been advising the developers on the Colosseum Shopping Centre since 2006 and has been actively involved in securing the initial anchors for the scheme. Jones Lang LaSalle is the joint agent on the shopping center.
Ben Binns, Senior Retail Associate at King Sturge's Bucharest office, says: "The Colosseum Shopping Center is a must for north-western Bucharest, given that there is no other modern retail center in this area. It is a key strategic target for retailers because of its scale, design, location and exceptional public transport links, and is forecast to rank as the best shopping destination in Romania and one of the top five shopping destinations in Europe."
Mark Barnes, Head of CEE Retail for King Sturge, adds: "It is superb news that this scheme is now being built. This is giving confidence to other retailers and developers in the region and is hopefully an indication of recovery in the retail market."
Colosseum is located in the north-west of the city, 6km from Calea Victoriei in the city centre. Its total investment value will exceed 350 million.
Source: King Sturge