Hungarian investor-developer Futureal Group has announced the opening of Gold Plaza Baia Mare, the first modern shopping and entertainment center in the North Western Romania. Gold Plaza is a joint development undertaken by Futureal and Austrian listed company Immofinanz.
Hungarian investor-developer Futureal Group has announced the opening of Gold Plaza Baia Mare, the first modern shopping and entertainment center in the North Western Romania. Gold Plaza is a joint development undertaken by Futureal and Austrian listed company Immofinanz.
Gold Plaza is one of the few shopping centres in Romania to be completed since the economic crisis. The 30,000-m2 center represents an investment of over EUR 70 mln. Gold Plaza is one of only three shopping centers to open this year.
Futureal said that that it and Immofinanz had been able to secure bank finance and finalise the mall, as well as achieving an 'extremely high' occupancy rate in the current market, with shops open to the public over 82.5% of gross leasable area. About 86% has been leased and this is to grow to 89% as the conference centre is to host the first jobs fair at the centre.
'The development process of Gold Plaza has been a long and complex one,' Futureal CEO Gábor Futó stated, 'but we are very pleased with the outcome.'
The leasing agent for the project is Colliers International. Gold Plaza is financed by MKB bank.
Futureal is a leading real estate developer and investor in CEE, and has been ranked among the 10 largest developers in Europe by volume of activity this year. Futureal has a large team of over 120 real estate professionals undertaking developments worth of over EUR 1.6 bn.
Vienna-listed Immofinanz Group is an Austrian property company that is one of the largest in its country and in the region. Immofinanz is the largest real estate investor in Romania with numerous properties, and a growing body of regional shopping centres. Currently, the portfolio includes more than 1,800 properties with a book value of approximately EUR 8.7 bn.