The future Victoria City Lifestyle Retail Center in Bucharest, which will be built on the premises of the former Textile Dacia factory, will be anchored by retailer Cora, which recently signed a lease with developer Benevo. Cora will occupy 12,000 sqm of the 68,000 sqm gross leasable area (GLA) in the mixed use project, which is expected to reach an occupancy of 70 percent by mid summer, according to the developers.

“Benevo has recently completed a further financing agreement with Alpha Bank and looks forward to opening this much anticipated project,” said Michael Topolinski, CEO of Benevo Capital.

Construction work on the project will begin this summer, with the opening set for the third quarter of 2014. The project is planned as a lifestyle retail center together with an office tower, which incorporates a hyper market and large fashion anchors, as well as a food, entertainment and leisure court on 11,500 sqm.

Benevo is developing the retail park together with CD Capital Partners.Victoria City Lifestyle Retail Center will be the second retail project under construction by Benevo in 2013 with a total of 94,000 sqm and a development value exceeding EUR 200 million. The developer has several other land plots under negotiation in Bucharest, so it should have more projects in the city in 2014, according to Topolinski.

Benevo Capital, through a group of companies in Romania, has invested in retail and residential property since 2007. The group’s investments also include the largest portfolio of residential apartments in Romania. Benevo recently poached Blake Horsley, former Investment Services Director at Colliers Romania, to lead its regional expansion, as well as Ali Ergὒn Ergen, former CEO of Baneasa and Anchor Group, who is a board member.

Benevo is also working together with NEPI on a retail park on the premises of the former Vulcan industrial site in Bucharest in 2012 in a deal worth EUR 23 million. Vulcan, a factory in the portfolio of businessman Ovidiu Tender, was founded in 1904.

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