Swedish investment fund Oresa, active in central and eastern Europe, took over from Immofinanz a retail park in Arad (Armonia) and will convert it into a mixed-use park with industrial and retail functions.

Immofinanz divests this property as part of its strategy focused on retail and office segments of the market. For Oresa, this is the second real estate investment in Romania after it took over this spring the industrial park Solo Iasi in eastern Romania (Iasi city) from local developer Tester Group.

"We find it interesting the opportunity of transforming this property into a modern industrial and retail park, very well positioned, for all kinds of customers - small, large, medium-sized, who need modern spaces close to the city, for leisure activities, production, storage or showrooms," said Cornel Marian, managing partner Oresa.

The modernization of the property will start after the completion of the plans and obtaining the permits in the first half of 2022, and the launch is planned for the first half of 2023.

The entire project has an area of ​​110,000 square meters of land and a gross leasable area of ​​43,000 square meters.

The former Armonia Arad shopping center functioned as a mall until 2012, when it was transformed into an industrial and logistics center under the name of Log Center Arad.

(Photo: Yunkiphotoshot/ Dreamstime)

andrei@romania-insider.com