French real estate developer Immochan ponders acquiring three pieces of land to build new shopping centers on the local market, and the investments could amount to EUR 300 million, reports local Economica.ro.

The plots will be located in Bucharest, Sibiu, and Craiova. These three cities still have “room”, at least in the commercial area, said Tatian Diaconu, Immochan Romania CEO.

The future projects will be mixed and will include shopping malls as well as residential and office buildings. Immochan has already implemented this mixed real estate concept in Romania at its Coresi project in Brasov, developed on the platform of the former Tractorul factory.

The group opened a 45,000-sqm shopping center in 2015 and is currently working with a local partner on developing a residential project with 3,000 apartments. The first 13 blocks, which will have 570 apartments, will be finalized within the next year.

Immochan currently owns 23 shopping centers in Romania, most of them including Auchan hypermarkets as Immochan and Auchan have the same shareholders. The company’s portfolio includes 150,000 sqm of retail space.

It will spend EUR 10 million this year to modernize five commercial centers with a total surface of 30,000 sqm.

editor@romania-insider.com