The mixed use real estate project Palas Iasi, developed by Romanian businessman Iulian Dascalu, will open at the end of May this year - a one month delay on the initial schedule, according to the company. The delay was partially caused by the bad weather earlier in February, that disrupted construction work.

The development has already attracted brands like Inditex H&M, C&A, Waikiki, Aucha, Stefanel, as well as new names like Village Cinemas and Subway fast food chain. It will open with an occupancy rate of 97 percent.

The EUR 260 million shopping center project, built in partnership with Iasi City Hall, which offered the downtown plot where the project is being built, was started in 2007, with a first delivery term in 2010. At some 320,000 sqm, the project includes office buildings, a shopping center on around 54,000 sqm, a housing area and two hotels, near the Palace of Culture in Iasi, in Northern Romania.

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

editor@romania-insider.com