RED secures financing for the first Cadran commercial center in Romania (RO)

Immorent has funded RED's first Cadran commercial center that is to be developed in Husi, North East Romania. The €8 million financing is being provided by Immorent Romania, part of Erste Group A.G. and is to be used for the development of the first Cadran commercial center that will be completed in June 2010. Negotiations are also at an advanced stage to finance the second Cadran commercial center, that will be developed in Marghita.

Cadran Husi, located on 103 Calea Basarabiei, will comprise around 20 stores that will be anchored by Penny Market. Fifty percent of the centre is already prelet. The shopping mix will include fashion clothing, footwear, health and beauty items, home-related products along with day-to-day services such as banks, dry cleaning and clinics. The project has a total built area of 4,500 m² and it also includes 120 parking spaces. The structural works are nearly finished and the architectural works will start in January.

As in other RED projects, close attention has been paid to aesthetic considerations, adapting a local architectural style to the modern lines of the shopping centre. A U-shape visual identity has been specially created for this project. Andrew Stear, Managing Partner of RED says: "We welcome Immorent's financial commitment which is an endorsement of the demand for this kind of retail and leisure project in smaller Romanian cities where the consumer's day-to-day shopping needs are undersupplied."

Cadran commercial centrers will be developed in secondary and tertiary Romanian cities that have a population of between 25,000 and 75,000 inhabitants, with the purpose of revitalizing those city areas. They will be anchored by a food supermarket and a shopping gallery. Smaller cities have no similar developments, and there is a distinct lack of public space for social activities. Cadran's concept is especially designed to cover this gap, by providing a modern 'one-stop' shop experience and by actively supporting the community's life through outdoor activities such as concerts or other events that can take place in the public piazza created in front of the center.

Cadran commercial centers will provide accessible shopping and fun, coupled with services for every day needs. The three components of the Cadran design – the external piazza or esplanade, the curved colonnaded shopping area and the supermarket – are combined in order to provide a center with a unique identifiable and friendly image that integrates into, and improves, the existing urban scene.

Source: RED / Aylwin Communications

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