DTZ has been appointed by Argo Real Estate to handle the property management of Shopping City Suceava and Shopping City Sibiu. By winning these two major retail schemes, DTZ triples the size of their property management portfolio, only four months after the restructuring of the department. The mandate means that DTZ increase their team by 11 more staff, doubling the size of their team.
"The restructuring of our Property Management department has already shown results by successfully securing two major retail instructions. We have worked hard on building a team that can provide a level of service, truly in line with professional commercial property management in more developed markets. A management approach which is well planned and implemented can retain crucial value through a downturn and establish a basis on which to build on, adding maximum value as the markets return. Our PM service line offering to Argo Real Estate Opportunities Fund compliments the successful cooperation we have enjoyed with them in retail agency and consultancy services in the past." says Tim Wilkinson, Joint Managing Director, DTZ Echinox
"I am proud and happy that we managed to triple the DTZ Property Management portfolio in a shorter time than proposed when starting with DTZ in September 2009: namely in only four months. Shopping City Sibiu and Shopping City Suceava are much appreciated projects with high potential but also multiple challenges due to distinguished catchment areas. This could only be achieved due to the good relationship DTZ had already built with Argo and the owner's trust in our future work." comments Brigitte Schmitt, Head of the Property Management Department
Shopping City Sibiu is a 79,130-m² GLA retail park. The shopping centre, which opened in November 2006 and was further extended in 2007, is anchored by leading international retailers including Real Hypermarket (owned by Metro AG), Carrefour, Baumaxx DIY, Media Galaxy, the electronics superstore, along with a wide range of specialty retail tenants such as Benetton, Lee Cooper, Adidas, Levi's and Kenvelo for the park's shopping mall, Promenada. Argo's has also constructed a 4,000-m² extension to the property, anchor tenanted by leading international sporting goods New Yorker, Deichmann and Hervis.
Shopping City Suceava is a 48,000 m² of GLA shopping center, the largest in the region. It is anchored by leading international retailers including a Carrefour hypermarket and a Mobexpert furniture superstore, the region's dominant large format furniture retailer. The shopping centre also features a Media Galaxy electronics superstore, Austria's Baumaxx DIY and includes a 12,000-m² retail gallery with over 100 stores, including a full range of men and woman's fashion, sporting goods, services and restaurants.
The Property Management Department of DTZ Echinox also manages Iris Shopping Center, 48,000 m², property of Aberdeen Immobilien, Macromall Brasov, 11,000 m², property of Carpathian Asset Management, as well as two office buildings EvoCenter One, 3,500 m² and Baneasa Business Center, 10,379 m², part of the portfolio of Black Sea Global Properties.
Source: DTZ Echinox