"We still have lands in Romania, where we intended to develop residential and retail, but times have changed, now the residential market is not doing too good. We will focus now on the commercial centre operation and we will see how the market will go, and if the demand will increase we will decide what to develop on the plots we already have. Moreover, we are also looking for other plots; we intend to develop office buildings on 15,000-20,000 sq. m for companies and local entrepreneurs", has declared on Wednesday at the launching press conference for Promenda Mall, Markus Neurauter, managing director Raiffeisen evolution.

He added that, although studied some offers, none was found to match the company’s needs.

Raiffeisen evolution owns 10 ha of land in Bucharest sector 1, on Străuleşti St., near the project Petrom City.  In 2008 the company announced that intended to develop residential units. The developer also owns 3 ha land in Baloteşti, destined for residential development too.

The company launches today Promenada Mall, the last phase of Floreasca City project, investment of EUR 300 million, also including Sky Tower and another office building. The office buildings were sold to Raiffeisen group.

"We are developers, so we develop a project, rent it, then we want to sell it as fast as possible in order to have money for other projects. We will keep the ownership of Promenada Mall for a period then we will see. We received offers, but we don’t have any selling plan in the next months ", Neurauter added.

Promenada Mall was financed by Raiffeisen bank with EUR 95.5 million, and the construction started 22 months ago.

The commercial centre is situated at the crossroad between Calea Floreasca, Şoseaua Pipera and Barbu Văcărescu, an area mainly with office buildings, mostly built in the last five years. According to Raiffeisen evolution’s representatives, in the area are working 35,000 persons and their number will grow with approx. 10,000 when the office buildings in construction would be delivered.

Promenda Mall has a rentable area of 35,000 sq. m, 95% occupied, with 140 stores and 1,300 parking places. The commercial centre has six levels, two underground for parking and four commercial levels.

The constructor of Floreasca City complex was the Austrian group Strabag, and the renting was managed by the Austria’s Krammer&Wagner.

The biggest tenant of the mall is the retailer Peek&Cloppenburg, occupying a space of 4,800 sq. m.


Raiffeisen evolution bought in 2005 the 4 ha of land of Floreasca City from a former factory. (source: economica.net)