The works started two weeks ago, and an employee has declared that after the land cleaning the mall construction will start.
„Benevo has recently finalized a financing agreement with Alpha Bank and is waiting for the opeing of this highly expected mall. We are in advanced negotiations for the acquisition of lands in Bucharest, and as a result we estimate that by 2014 Benevo will owe several projects in Bucharest”, has declared Michael Topolinski, CEO Benevo Capital, in April this year.
The investment in the mall situated on the former Dacia factory plot was announced in 2010, with EUR 150 million. Last year Benevo announced a partnership with NEPI for this project, which finally was given up.
In April this year, the companies have announced that the construction works for Victoria City Lifestyle Retail Center would start this year, and the opening is scheduled for the third quarter of 2014.
One of the main tenants is Cora, which signed a lease for 12,000 sqm. The mall in Bucurestii Noi will have a total rentable area of 68,000 sqm, Benevo has announced. Considering the number of the contracts already signed for the project, the company estimated a pre-rent rate of 70% before mid-summer. Moreover, the project will also have an office component and entertainment areas. The leasing process is carried on by Knight Frank / The Advisers.
After the South-African investment fund NEPI has left the partnership for this mall, another joint venture with Benevo was settled for a different project, a strip-mall. The construction of this project is also scheduled for this year, on the former platform Vulcan. So Benevo is currently involved in the development of two malls, with a total area of 94,000 sqm, with a value of EUR 200 million. (source: economica.net)