Real Estate investments keep going in secondary & tertiary cities across Romania, with new sectors and opportunities arising amid pandemic, according to BREC data.
Although big cities are the main target for top investors, the real estate developer Square 7 focuses on smaller cities. So, together with its strategic partner Mitiska REIM, Europe’s leading specialist investor in convenience Real Estate, Square 7 announced the launch of a new project in Baia Mare and the expansion of its retail park in Mediaș, by inaugurating Medias Shopping Park on October 28, 2021.
The investment in “Baia Mare Shopping Park”, extended near the Kaufland store, on Unirii Boulevard no. 21, totals 8,400 sqm of leasable area and 17,500 square meters of commercial space.
Among the tenants, there will be well-known brands from several segments, strong retailers both locally and internationally such as Altex, C&A, Kik, Jysk, DM, Numero Uno, Pepco, Sinsay, Sportisimo, Superzoo or Xpress. To the partners already mentioned, Lidl was added as well, which opened a new store in September this year.
Built on the land of the former furniture factory of Mobam SA, the new shopping center – Baia Mare Shopping Park – also has a parking area of over 300 lots, which is an advantage for customers who will pass through this place every day, respectively retail employees.
Also, on the same day, with Mitiska Reim Group, Square 7 Properties completes the expansion of the retail park in Mediaș – “Medias Shopping” by inaugurating a new leasable area of 8,000 sqm. Thus, Medias Shopping Park reaches a total commercial area of 16,400 square meters.
The opening of the new shopping mall, placed on Soseaua Sibiului 75, took place on October 28 and includes new brands such as Altex, Hervis, Kik, CCC, Xpress C&A, Noriel, New Yorker, Sinsay and Super Zoo. These are in addition to existing brands such as Kaufland, Deichmann, Takko, Pepco, Flanco, DM and Jysk, respectively.
“Currently, retail parks are preferred by consumers in terms of accessibility, the advantages being food anchors, outdoor parking spaces and direct access to stores. Time is a valuable asset for customers, who are also oriented towards a good quality-price ratio, therefore focusing on shopping centers that offer comfort, experience and variety, all in one place, is the obvious choice.. Moreover, there are dense residential areas nearby that will generate a large number of customers. There is an increased demand on the market from all our partners in different segments (fashion, appliances, home & deco) and there is a trend in recent years regarding expansion in cities where the commercial offer is not covered, says Clemens Petschnikar , CEO of Square 7 Properties.
In 2022, Square 7 Properties and its partner, Mitiska REIM, plan to expand the existing retail parks in Slatina and Tulcea, as well as starting the development of two new commercial parks in Pitesti and Giurgiu, with a total commercial area of 36,000 sqm.
The Square 7 Properties company, owned by the Austrian businessman Clemens Petschnikar, has 14 years of experience on the Romanian market, standing out through its development, administration, facility and management services for retail parks. Together with the Belgian investor, Mitiska REIM, it manages a portfolio of 25 commercial parks. Currently, the company manages a portfolio of over 130,000 sqm of leasable area.
Mitiska REIM is one of the most active investors in retail projects in Romania. The company, based in Brussels, has 25 commercial galleries in Romania: in Bucharest, Bistrița, Pașcani, Slobozia, Ploiești, Mediaș, Reșița, Buzău, Arad, Odorhei, Sighet, Câmpina, Caransebeș, Medgidia, Iași, Tg. Mureș, Tulcea, Slatina, Mioveni, Bacău, Drobeta and Brăila. So far, Mitiska REIM has a portfolio of 76 properties, with over 800,000 sqm for rent in 10 countries: Belgium, the Netherlands, France, Germany, Spain, Portugal, Romania, Poland, the Czech Republic and Slovakia.