Futureal Group has exited its €19m mezzanine financing provided to Caelum Development for the development of ParkLake shopping centre in Bucharest, Romania. The €180m project, which totals 70,000m² GLA, was developed by a joint venture between Sonae Sierra and Caelum Development, and inaugurated in September 2016. The shopping centre comprises over 200 stores, 23 restaurants, a multiplex cinema and underground parking with a capacity of up to 2,600 cars. Futureal Group will now intensify its activity in Romania through its residential investments subsidiary, Cordia. The company has recently announced a €50m worth of investment plan in Bucharest for the next year, part of a long-term roadmap for the local market. Cordia division plans to deliver about 500 apartments per year, designed for medium and medium-high segments.
"Through our partnership with Caelum, we have contributed to the development of a real estate project that has become one of the most important shopping centres in Bucharest. We see significant potential in the real estate market in Romania, for which we have designed a long-term investment program. Parcului20 is a pilot project from our residential portfolio, amounting to €40m worth of investment, that will unfold over the course of three years", said Gabor Futo, founder of Futureal Group.
"The investment budget of Cordia Romania for the next year amounts to €50m. Part of it will go to developing Parcului20 condominium, and another part to other investment activities, including the acquisition of new land plots. We have already purchased three plots on which we plan to build 1,300 apartments in the years to come. We are in advanced discussions for two other properties, located Central-North Bucharest. We estimate a sustained pace of 500 apartments per year", said Mauricio Mesa Gomez, CEO of Cordia Romania.