Leonardo brand reappears on the retail market two years after the bankruptcy of the business

leonardoLeonardo, the brand of shoe stores reappeared on the retail market less than two years after the company that has operated for more than two decades went bankrupt. Moreover, the retailer’s website is running and provides information on the existence of over 30 Leonardo stores in Romania Leonardo.

The brand is now operated by a new legal entity; 50% still controlled by Panea family who founded the business and by Berende family from Baia Mare who owns another business in the shoe store retail network namely Pielli house, according to the latest data of ZF, and indirectly Panea family.

The first information about Berende family went out when Leonardo SRL went bankrupt and some of the spaces where the retailer stores had previously operated being taken over by these entrepreneurs. They opened in those locations some Casa Pielli  stores and  now they reverted them again to Leonardo stores. An example of this is the store in Campina city.

Leonardo SRL in Bihor County company, controlled by the entrepreneur Florin Panea, went bankrupt in the spring of 2015, four and a half years after he asked insolvency.

Source: ZF


The first mall in Romania with an indoor ski slope

shopping-city-timisoara-1Shopping City Timisoara developed by the investment fund NEPI will be open on March 31. The investment will bring an income of 7.6 mil. Euros annually from the lease of 70,000 sq m of shopping center.

This is the 13th mall in NEPI’s property portfolio, which makes the South African company, the largest real estate investor in Romania.
Timişoara will have access to the largest Cinema City multiplex cinema outside Bucharest having 13 rooms equipped with 3D technology, along with a gym with semi-Olympic pool, a bowling area, billiards, casino, food court and a playground for children.

Also, the mall will have an entertainment area open non-stop and is equipped with over 70 last generation slot machines and electronic roulette. Photo: nepinvest.com

indoor ski slopeThe major tenants include Bershka, C&A, Carrefour, CCC, Cropp, Deichmann, Douglas, H&M, Hervis, KFC, Koton, LC Waikiki, Media Galaxy, New Yorker, Noriel, Orsay, Otter, Pepco, Pimkie, Pizza Hut, Pull&Bear, Sephora, Sport Vision, Stradivarius, Tom Tailor, Zara, Zoomania.

The group plans to open the first ski slope inside a shopping mall in the country, reports ZF.

ParkLake shopping center 85% already rented before opening

The two developers, Sonae Sierra and Caelum have rented 85% of the ParkLake shopping center which is in an advanced stage of construction in the Titan district of Bucharest. The mall could be open before Easter.

parklake-entrance-465x215The two partners recently signed a lease agreement with Debenhams, which will have a 5,000 sq m store in ParkLake, and LPP group, which owns brands Reserved, Mohito, Sin Say, House and Cropp.

To these retailers are added tenants such as H & M already known and brands of Inditex (Bershka, Massimo Dutti, Stradivarius, Zara, Pull & Bear Zara Home, Oysho) and Koton. Other brands include Claire’s, Springfield, Lee Cooper, KVL and TimeOut, Geox, Il Passo, Aldo, Piazza Italia, CCC, Swarovski, Splend’or, B & B, Douglas, Sephora, Yves Rocher, Kendra, Altex Arsis, MaxiToys and Cărtureşti .

Regarding the coffee shops and restaurants are already signed contracts with Brioche Doree, Coffee Republic, Filicori, Gloria Jean‘s Coffees, Fior di Latte, Food, Wu Xing, KGrill, Oro Toro (by OSHO), Bistrot du Paris, Rustic, Chopstix , SaladBox and Zaraza.

ParkLake cost of development was estimated by the two partners to 180 mil. Euro and will have a final leasable area of 70,000 square meters, comparable to the AFI Palace Cotroceni or Mega Mall. Last autumn, the French retailer Carrefour has bought 12,000 square meters of ParkLake, space that will be used to open a hypermarket.

Source: Capital

Greek investor gets EUR 53 million on the London Stock Exchange

london-stock-exchange-stocksReal estate developer Globalworth, which is controlled and managed by Greek investor Ioannis Papalekas, has attracted some EUR 53.8 million on the London Stock Exchange; the amount was more than planned.

Last week, Papalekas said that the company planned to attract EUR 35 million on the London stock exchange and to use the funds for new investments and acquisitions in Romania.

Globalworth could buy two office buildings within the office project Green Court Bucharest developed by the Swedish group Skanska.

Papalekas already bought the first building of this complex this year for EUR 44 million. The company is also looking to buy a portfolio of 26 real estate properties in Romania.

Globalworth’s existing shareholders have subscribed over 60% of the attracted funds, namely EUR 34.5 million. American fund York Capital, which holds 24.5% of the company, brought EUR 25 million, and Oak Hill Advisors contributed EUR 7.2 million, reaching a 13.4% stake in the firm.

Source: Romania Insider

MERCUR Shopping Center Craiova is being upgraded

Mercur SCMERCUR Shopping Center Craiova has started upgrading works this month , estimated to last until the middle of next year.

The expected center of fashion and entertainment in the capital of Oltenia will provide starting with 2016 to the citizens of Craiova and not only a modern and avant-garde project which will bring a new image to the center of Craiova and brands of international level under one roof.

Photo: Colliers

The upgrading is targeting a reconfiguration of the shopping center and resize of the space, refurbishment of common areas, replacement of equipment, upgrading facades and pedestrian terraces which involves a total investment of over 8.5 million and was approved by the General Meeting of Shareholders company.

Mercur SC 1For the new concept there have been contracted the design services of an architecture office in London and consulting services of a specialized international companies.

The consulting company Colliers International negotiated with international fashion retailers, operators of entertainment, home appliances and supermarkets, renting space in the future shopping center modernized.                                            Photo: GDS

Among the already signed contracts there are included an international fashion brand – anchor which opens here on two levels in a shop area of ​​over 1,600 square meters and  the construction of a multiplex cinema with six rooms and a casino.

Thus, the ground floor, the 1st and 2nd floors will be hosted by fashion brands and accessories, jewelry, footwear, sporting goods and services while the third floor will be devoted to the area of ​​food court which will bring together restaurants, cafes, bakeries, but also playgrounds and children’s entertainment.

Mercur SC2The new project provides a multiplex cinema on the fourth floor with six rooms and an entertainment area that includes a casino.

On reopening, MERCUR Shopping Center Craiova will be one of the most modern shopping centers in Romania, being designed as a shopping and entertainment destination for quality that will attract more than 15,000 visitors and buyers daily.

Photo: Craiova forum

“The modernization works will start this month as soon as we receive all the necessary permits and are planning to be completed in spring-summer 2016. Many of the contracts with anchor brands are already signed and we are negotiating with medium sized international fashion brands. They also began negotiations for entertainment and food court area that we want more attractive to satisfy all tastes of our future clients. We are confident we will provide on reopening, the best shopping experience and quality entertainment for Craiova and not only. There will be a total change of concept and market approach” said Dumitru Radut, General Manager of MERCUR Shopping Center Craiova.

Leasing activity is conducted by Colliers International, the real estate consultancy company with a strong market presence in Romania.

MERCUR Shopping Center Craiova has all the prerequisites to become a success due to the central location being located near the pedestrian area of ​​Craiova and also due to the concept and the tenant mix that we are currently in advanced negotiations. The concept will integrate both international brands of “family fashion”, footwear, accessories and jewelry and a component extensive entertainment will include a multiplex cinema, food court, fitness center, new concepts of entertainment for both children and youth “said Liana Dumitru, associate director in the division of Colliers International retail.

Source: Craiova Forum

The transaction Carrefour- Billa

   Carrefour  Billa Ro
The French  representatives of Carrefour in the coming days will sign the necessary documents for the takeover of Billa supermarket network in Romania in a transaction valued at almost 100 mil. Euros, according to ZF. Billa is now in the portfolio owned by the Germans from Rewe which also includes Penny Market chain in Romania.

Negotiations between the two parties have been running for almost a year but they resumed more intensely last month, according to ZF market sources. Information on sales of Billa emerged last year after the German Rewe supermarket chain owner gave up to the operations in Italy, they were also bought by the French group Carrefour.

The representatives of the German company said then that they would focus their attention on markets where they were in top positions which is not the case in Romania where Billa came second best player after Real, which retains only four stores after 20 others were taken by Auchan.
For this acquisition Carrefour competed with the Belgians from Mega Image and an investment fund, but the latter gave up along the way.
Carrefour in Ro
By taking Billa, Carrefour, the second player on the local market with a turnover of over 1 bln. Euro last year, will complete its portfolio with some 85 supermarkets with a turnover of over 300 mil. Euro in 2014.
Source: ZF
Photo: carrefour.ro

The biggest leisure park owner in Romania and his new projects

PoulakisThe Greek investor Alexandros Poulakis who has invested  about 26 million euro in two leisure parks in Romania, Divertiland and Playland talked to Romania-Insider about his operations and future plans which include the expansion of his current facilities as well as new projects.



Photo: Romania- Insider

Alexandros Poulakis visted Romania for the first time in 2004 and that time he saw its potential. “I like the people, the history and culture are amazing, and the human potential is also a very important factor when establishing a presence in a country for the long term,” he told Romania-Insider.

Later he decided to invest in Romania in a sector that is still not very developed and that has a good potential: leisure. He opened two leisure parks, Divertiland and Playland.

DivertilandDivertiland, one of the largest entertainment parks in Romania, opened in 2013 following a 25 million euro investment. The sum covers all the preparatory work on the location, rebuilding the infrastructure, setting the buildings, construction of new annexes, investment in equipment, and employee training.

Divertiland 1Divertiland has now 22 water slides, a wave pool, and a sand beach, along with a heated pool for children, a new food corner and more leisure activities such as yoga and swimming classes. To make it more accessible for visitors coming from Bucharest as well as from the neighborhoods, Divertiland’s developers also set up train, bus, and minibus stations, and a parking lot with 1,000 places.

In just three years, the water park Divertiland has become one of the most popular summer fun destinations in Bucharest. Poulakis estimates more than 130,000 visitors in the 2015 season, 10% more than last year. He also says that because of the economic crises more people gave up to holidays and they spend quality time in the vicinity of their houses, namely going to cinemas and entertainment parks.

Encouraged by the Divertiland project’s results, the Greek entrepreneur decided to invest in another one, which would cover the winter leisure niche.

playland1According to Poulakis, during the summer they focus on their aqua park project, located in Militari, while for the off-season (September – May), the focus moves to the indoor project, called Playland.

He has invested close to EUR 1 million in this second project, which is located in a 5,000 sq m warehouse in Pipera, in northern Bucharest. Playland which is the biggest indoor entertainment park in Romania, attracted some 60,000 visitors during its first season. The park is open between September and May.

For more information about Divertiland and Playland, visit their website http://www.divertilandplayland.ro

The Greek entrepreneur said he would continue his investments in Romania and would also seek new opportunities in the local market. “Although a second project sized as Divertiland does not exist at this moment, we are working on expanding the existing facilities, while looking at new projects in Romania, both for Bucharest and the rest of the country. More details in this respect will follow at the right time,” Poulakis said.

He has also been looking to expand to new business sectors, such as the F&B, agriculture, and retail.