Business Review

Immofinanz Group has opened the Gold Plaza shopping and entertainment center in Baia Mare. The project was developed by Immofinanz in partnership with Hungarian Futureal. Gold Plaza Baia Mare has more than 30,000 sqm of rentable space and includes 100 retail shops, a large gastronomy zone and an extensive movie theater and entertainment area.

The EBRD is lending EUR 12 million to the city of Sfantu Gheorghe, as part of the bank’s Urban Road Management and Rehabilitation Framework.The loan will address the urgent infrastructure needs of Sfantu Gheorghe, capital of the county of Covasna. The proceeds will be used to finance the modernization of streets and public lighting improvements in the city center.

Victoria Holding, the owner of City Mall Bucharest, has applied to enter insolvency proceedings after company shareholders announced they were having difficulties in paying back EUR 40 million of credit taken out from Bank Austria, Mediafax has reported.

The financing of Central and Eastern European real estate remains unclear, due to a large reduction in transactions, as well as the variable performance of real estate according to country and asset class, a survey suggests. According to KPMG’s new CEE Property Lending Barometer 2010, banks are not positive about the potential quick recovery of the real estate market in any country. The only possible exceptions are Poland and the Czech Republic, where, comparatively, the markets have not suffered from the recession to the same extent as in other countries.

The first multiplex in Baia Mare will open, Cinema City’s ninth investment in Romania.The six-hall cinema will be situated in the center of the town, in the newly opened commercial center Gold Plaza. The multiplex is the first of its kind in the Maramures area, where so far there have only been conventional one-screen cinemas. Up to 15 movies per week can be shown in the multiplex, which will also have digital 3D technology.

German fashion retailer New Yorker will open two new local stores this week: one in Baia Mare on November 4^th and one in Bucharest on November 5^th. 

Swedish fashion retailer H&M will open four more locations next year, pushing its number of announced local outlets to six. Three more stores will be opened in Iasi, Timisoara and Cluj-Napoca in the Palas commercial center and the Iulius Malls.

DTZ Research, part of consultancy firm DTZ, estimates a 22 percent growth in the global capital available for property investment in 2011 going up to USD 281 billion. The most recent Great Wall of Money report launched in October of this year points out to US as the country with the largest projected increase of available capital - USD 97 billion, up 54 percent on the 2009 estimates. 

Real estate advisor DTZ Echinox has signed a partnership with Vitalis Consulting group, which specializes in construction and project management advisory services, to provide project management services for office fit-out and relocations.

Terwa Romania has leased a 4,500 sqm warehouse in the Olympian Park in Brasov.  Terwa will move in starting January 2011 on a ten year lease.