CD Capital, Benevo receive go-ahead for Bucharest scheme

Canadian privately held investor CD Capital Partners and local developer Benevo Capital Corporation have received the construction permit for their joint Victoria City Center development project in the north-western part of Bucharest.

The two companies first announced the partnership to build the shopping centre in October. They plan to start construction next year, with delivery due in spring 2013.

Phase I of the scheme, which will represent an investment of roughly EUR 150 mln, will comprise a 60,000-m² shopping centre with over 200 retail shops as well as restaurants, an eight-screen cinema and 1,800 parking spaces.

Designed by architects Altoon & Porter, Victoria City Center will be linked to the newly-built Pajura metro station through a direct connection and will be erected on the former Dacia textile factory site. The centre will be anchored by a 10,500 m² Cora hypermarket.

'We had put the project on hold for two years and now that the market is improving, we have started demolition and will begin construction in the fall of 2011,' said Michael Topolinski, president and CEO of Benovo Capital Corporation. The project has been financed to date by Alpha Bank.

Also in Romania, French retailer Cora has announced the start of development for a new shopping centre project in Constanta, its fifth retail scheme in the country. The mall will offer around 40,000 m² of retail space and will be anchored by a 9,000 m² Cora hypermarket. CB Richard Ellis has been mandated to market the asset, which is due to open in the first half of 2012.