Romanian real estate developer Iulius Group, owned by local businessman Iulian Dascalu (in picture, below) inaugurated the multifunctional compound Palas in Iasi, Northern Romania, on Thursday (May 31). The Prime Minister Victor Ponta also attended the opening event.

The EUR 265 million complex, includes a retail area, that was inaugurated on Thursday, and offices, which became functional in 2010. Funds for the project came from UniCredit Ţiriac Bank, Emporiki and Banca Italo Romena.

The retail area is 97 percent leased, having attracted brands such as H&M, Tommy Hilfiger, New Yorker, C&A, Stefanel, Tosca Blu, Il Passo, L’Occitane, Oodji, KFC Drive Thru, the cinema operator Village Cinema, and fast food chain Subway.

The total built area is of 270,000 sqm, with Palas Mall occupying 54,200 sqm and Palas Shopping Street, some 6,300 sqm.

The project, in the Iasi old city, was developed in partnership with the County Council, which provided the land. Construction work started four years ago. The anchor of the retail scheme is retailer Auchan, which opened a hypermarket in the complex.

Iulian Dascalu owns a chain of shopping centers under the Iulius mall brand in Suceava, Cluj Napoca and Timisoara.

editor@romania-insider.com

(photo sources: Palas Iasi)