Major Investment in Bistrita: Former Eurisko Owner Builds a 15,000 SQM Retail Park

Small cities in the country have begun to come to the attention of real estate developers in the last two or three years. The most recent example comes from Bistrita, where businessman Ionut Dumitrescu will build a retail park with a leasable area of 15,000 sqm. According to current plans, Bistrita Retail Park is set to be inaugurated in the summer of next year, with the food anchor already secured.

Romania’s most visionary real estate investors have moved their projects to small provincial cities, attracted by the high development potentialRomania’s most visionary real estate investors have moved their projects to small provincial cities, attracted by the high development potential. In a market that has enjoyed steady growth in recent years, small cities represent the ideal environment for those interested in the profits offered by the lack of competition. The latest example comes from Bistrita, a city with a population of about 75,000 inhabitants.

„Bistrita is a city with high potential for retail, and this is confirmed by the interest of retailers in our project. After expansions in large cities, retailers are already considering cities with up to 100,000 inhabitants, and Bistrita is a successful example for the development of local retail,” says Carmen Ravon, Head of Retail Leasing, CBRE Romania.

With a total leasable area of 15,000 sqm, Bistrita Retail Park benefits from a location „with tradition for local trade,” the consultants handling the project stating that the food anchor will have 6,000 sqm and is already secured.

The project is developed by Element Development, a Romanian company founded by Ionut Dumitrescu, known for developing the consultancy firm Eurisko (later bought by the giant CB Richard Ellis). The retail park will be designed by „V&K Romania,” with construction work scheduled to begin this autumn and be completed by mid-2017. CBRE Romania is the exclusive consultant for leasing the project.

„We are happy to build a partnership with CBRE for the development of Bistrita Retail Park, a project that meets the needs of consumers in this urban and commercial agglomeration in Bistrita and the entire North-West region,” states Ionut Dumitrescu, Director of Element Development.

The developer also mentioned that he chose this city due to its tourism potential, as well as its dynamically active population, with high purchasing power and a low unemployment rate (3.5%, almost half the national average).