Business Review

Carpathian Plc has signed a preliminary sale agreement for the Promenada Shopping Centre in Warsaw with MD Poland I Sp z o.o, a subsidiary of Atrium European Real Estate Ltd. The sale is likely to be completed in March 2011. Promenada is located in Warsaw, Poland and comprises a shopping and leisure centre of 43, 528 sqm of lettable space. Additionally, it also has 12,058 sqm of office accommodation.

CD Capital Partners and Benevo Capital Corporation have received the construction permits for the Victoria City Center development. CD Capital Partners and Benevo are developing the center through a joint venture. Demolition works on the site have already started and construction is scheduled to start in 2011. The planned delivery date is in spring 2013.

Local construction materials producer Baumix has announced a RON 770,000 (around EUR 179,000) profit for the first nine months of the year, and estimates it will close 2010 with a net profit of around RON 400,000 (EUR 93,000). “This year brought us a managerial challenge, as it was probably the most difficult in the company’s history. We had to deal with a 30 percent drop in the market compared to 2009, a competitive landscape characterized by dumping practices (…) and a lack of major property developments,” said Augustin Rusu, general director of Baumix.

Developer AFI Europe has recently started construction work at two of the five office buildings that will be located close to the mall. This new project, which is scheduled for delivery in 2012, is the result of a EUR 35 million investment.

Developer Adama has finished construction works on the first building of the Evocasa Optima project, the company has announced. Evocasa Optima includes six buildings, and the developer has invested EUR 14 million in the first stage.

Developer Conarg Real Estate has finished construction works on the EUR 12 million Quadra 2 residential project, located next to the Bucharest Polytechnic University and the Spiru Haret University, the firm has announced. According to general manager Romeo Cazanescu, now the project is delivered the process of selling apartments will be stepped up.Ten percent of the homes available for sale have been pre-leased so far.

ModaTim Investment, the developer of the office complex City Business Center (CBC) Timisoara, has officially opened the third, C building, Jones Lang LaSalle, the exclusive leasing agent, has announced. LaSalle recently mediated the expansion of Wipro in CBC Timisoara.

Romania is the 15th most sought after destination for expansion by retailers out of 20 countries in the Europe, Middle East and Africa (EMEA) region. Germany tops the list, followed by Poland and France, according to the “How active are retailers in EMEA” study released by CBRE at MAPIC 2010.

French retailer Auchan has signed a partnership with K&S Developments to acquire 12 hectares of the land owned by Electroputere SA Craiova, on which it will build a commercial center set to open in the second quarter of 2011, the retailer announced.

Retail developer Oasis Development in partnership with Real4You Immobilien Austria has opened the Family Center commercial center in Giurgiu following a EUR 7 million investment.