Dragoș and Adrian Pavăl, the founders of Dedeman, have acquired full control of CNE Retail from Cluj entrepreneur Dorin Bob through their investment vehicle Pavăl Holding, according to information published by Profit.ro. The transaction grants them complete control over an extensive mixed-use real estate development planned in Cluj-Napoca, on the site of the former Cora hypermarket (now Carrefour), located at the entrance from Florești, next to the Vivo Cluj-Napoca shopping center.
The project’s first phase covers a plot of over 76,000 square meters (approximately 7.6 hectares), bordered by 1 Decembrie 1918 Boulevard, Someșul Mic River, and the former Sun outdoor pool. According to urban planning documentation, the development will feature an “Entertainment Mall” concept—integrating retail spaces, services, cultural, sports, and leisure areas both indoors and outdoors—a hotel, and a mixed-use office and apart-hotel building of up to 33 floors, reaching a height of 160 meters. A second phase, subject to separate documentation, covers the adjacent area of nearly 11 hectares where the Carrefour store currently operates, land for which Pavăl Holding secured development rights two years ago.
The investment aligns with Pavăl Holding’s strategy of deploying retail-generated capital into real estate, where the group’s placements have reached approximately €1 billion. The portfolio includes the acquisition of CA Immo’s assets for €377 million (encompassing The Bridge in Bucharest and The Office in Cluj-Napoca; sources also note the individual deals at €200 million and €120 million, respectively), as well as the U Center (€90 million) and Dacia One (€50 million) office buildings. Internationally, the Pavăl brothers acquired Grand Hotel Gardone (Italy) and Waldhaus Flims Wellness Resort (Switzerland), while in Cluj-Napoca they are also preparing a 6.5-hectare commercial development near the airport, set to feature Farmacia Tei and Bebe Tei stores.
Frequently Asked Questions
What does the first phase of the Pavăl brothers’ project in Cluj-Napoca include?
It includes an “Entertainment Mall” concept, a hotel, and a mixed-use office and apart-hotel tower of up to 33 floors (160 meters high), developed across approximately 7.6 hectares.
Where is the new real estate development located?
The project is situated on the site of the former Cora hypermarket (now Carrefour) at the entrance from Florești, adjacent to the Vivo Cluj-Napoca shopping center.
What other real estate investments does Pavăl Holding own?
The group has invested around €1 billion in prime office assets such as The Office, The Bridge, U Center, and Dacia One, alongside luxury hotels in Italy and Switzerland.