Equest Balkan Properties (AIM: EBP), the property investment company focused on commercial, retail and industrial property in South Eastern Europe, has announced that it has completed and opened to the public the Vitantis Retail Park in Bucharest, Romania.
Vitantis, located in the fourth district of Bucharest, is a 37,000-m² retail park anchored by Carrefour, Technomarket and Praktiker. It is the largest retail park of its kind in southern Bucharest and combines retail park units with an 11,700-m² retail gallery, which is home to more than 70 tenants. The development is 95% occupied, with six units currently available.
EBP acquired the Vitantis Retail Park in December 2006 for €31.2 million and has spent a further €30 million on the development. At the time the park comprised only a newly constructed 8,039-m² Praktiker store on a 79,533-m² site. EBP has expanded the retail offering within this strong and growing catchment area.
Commenting on the opening, George Teleman, Partner of Equest Partners in Romania, said, "Vitantis is an exciting new retail park for Bucharest and a competitive location for national and international retailers. It also clearly demonstrates the benefit of EBP's knowledge of and experience in the region, as a result of which we have been able to identify an excellent opportunity to deliver a new retail development within a captive catchment area, which in turn should deliver value for the company's shareholders."