Across Magazine: Futureal Group exits Romanian retail project ParkLake shopping centre
Futureal Group has exited its 19 million euros mezzanine financing provided to Caelum Development for the development of ParkLake shopping centre in Bucharest, Romania.
The 70,000 GLA project was developed by a joint venture between Sonae Sierra and Caelum Development. Futureal Group will intensify its activity in Romania through its residential investments subsidiary, Cordia.
The company has recently announced a 50 million EUR worth of investment plan in Bucharest for the next year, part of a long-term roadmap for the local market. Cordia division plans to deliver about 500 apartments per year, designed for medium and medium high segments.
ParkLake was inaugurated in September 2016, following a total investment of 180 million euros. The shopping centre is 70,000 square meters GLA, with over 200 stores, 23 restaurants, a multiplex cinema and underground parking with a capacity of up to 2,600 cars. ParkLake was developed through a 50/50 partnership between Sonae Sierra and Caelum Development.
“Through our partnership with Caelum we have contributed to the development of a real estate project that has become one of the most important shopping centres in Bucharest. We see significant potential in the real estate market in Romania, for which we have designed a long-term investment program. Parcului20 is a pilot project from our residential portfolio, amounting to 40 million EUR worth of investment, that will unfold over the course of three years”, said Gábor Futó, founder of Futureal Group.
Futureal, one of the largest developers in Central and Eastern Europe, is active on the Romanian real estate market through its residential development subsidiary, Cordia. Futureal portfolio of assets and developments amounts to a total 2.7 billion euros.
Recently, Cordia Romania announced the development of Parcului20, a condominium with 469 apartments located north Bucharest, in Expoziției area. The first phase of the project consists in 260 units. Development will begin by the end of this year, to be delivered in September 2020.
“The investment budget of Cordia Romania for the next year amounts to 50 million euros. Part of it will go to developing Parcului20 condominium, and another part to other investment activities, including the acquisition of new land plots. We have already purchased three plots on which we plan to build 1,300 apartments in the years to come. We are in advanced discussions for two other properties, located Central-North Bucharest. We estimate a sustained pace of 500 apartments per year”, said Mauricio Mesa Gomez, CEO of Cordia Romania.
Cordia’s objective is to become the main regional developer of residential projects and to further develop its impact by creating sustainable projects that highlight existing local communities.