Argo Capital Property to extend ERA Park Iasi with 33 million Euro investment

Argo Capital Property, an operator and developer of shopping centres in Central and Eastern Europe, announces that will build a 33 million Euro extension of ERA Park Iasi.

2016-10-20 13:59:01

DTZ Echinox was appointed by Argo Capital Property as consultant for the process of repositioning and extension of ERA Park Iasi.

ERA Park Iasi is one of the largest commercial centre in the region. The centre is in the Western area of Iasi and has a catchment area of over 350,000 inhabitants, extending out of the city into neighbouring towns and suburbs, with shoppers expected to visit from across the region.

As the market is picking up, Argo has been receiving strong tenant demand for an extension and it was clear we needed to add a significant amount of retail space to satisfy the high demand from both retailers and consumers.

After the completion of the extension work, the ERA Park centre will have a retail area of nearly 80,000 sqm. The offer will be extended to 90 shops. The investor has already opened discussion with some of key tenants, some of the leases following to be signed shortly, once the negotiation will be concluded.

"Iasi has been one of the most dynamic regional cities. It became the second largest regional office market, international companies such as Oracle, Amazon, Xerox or UniCredit have decided to expand their operations here, while the residential market recorded in 2015, in Iasi, the largest number of home deliveries after Bucharest. The favourable context is completed by the positive evolution of the retail sector overall, and particularly in Iasi. During the 8 years since its inauguration, ERA Park has consolidated its commercial position and the expansion process initiated by ARGO Capital Management Property represents a natural step forward," said Oana Iliescu, managing director, DTZ Echinox.

Argo Real estate opportunities fund (AREOF) is one of the largest owners of retail parks and shopping centres in South Eastern Europe with 260.000 sq. m of retail assets in Romania and Ukraine. In Romania, AREOF owns the following retail parks: Shopping City Suceava and ERA Shopping Park Oradea and Iasi.