Bucharest, 1 March 2018: Crosspoint Real Estate has secured a € 4.5 million financing from Garanti Bank for the development of Bistrita Retail Park, on behalf of Element Development, a company owned by Ionut Dumitrescu.
Bistrita Retail Park project is located on 13 Calea Moldovei, a few minutes away from the old town, in the new shopping area defined by Altex, Selgros and Penny. The park will provide a retail gallery of 7,800 sq m. The general contractor is Campedor, a local construction company from Bistrita, with a vast experience in residential and retail constructions, while Vitalis is Project Manager, one of the largest and most experienced companies in the field.
The purchasing power in Transylvania is on average 30% higher than other regions like Moldova or southern Romania, Bistrita being a cosmopolitan city, with fairly developed tourism, county seat with over 200,000 inhabitants, and a below average density of modern retail units related to the total population.
“The GDP growth recorded in recent years and optimistic prospects for this year, the growth in purchasing power and overall domestic demand have led to an increase in retail demand, developers and retailers focusing on secondary cities where there is development potential at significantly lower costs for such retail formats” declares Codrin Matei, Managing Partner at Crosspoint, Head of Capital Markets, Office Agency & Business Development, in charge of this mandate.
Ionuţ Bordei, CEO Element Development, says, “We have chosen Crosspoint because they have proven a solid background in financial consultancy and other real estate consulting services, thus obtaining the conditions that we envisioned to successfully continue the initiated project”. The total investment amounts to 9 million €.
Crosspoint Real Estate has been previously involved in securing the financing for the acquisition of Galleria Mall Buzau as well as other important transactions, such as the representation of the Hungarian Futureal Group in the acquisition of 15,000 sqm of development land, a 3.7 million € transaction, the first Kaufland rental in a shopping center – 3,900 sq m in Festival Shopping Center in Sibiu – and the 12,700 sq m land transaction on which the The Bridge office park is being developed by Forte Partners.