Local real estate developer Oasis & Retail Development Consulting will invest EUR 12 million in a retail park in Oradea.

The project called Prima Shops Oradea will be developed in two stages, reports local Economica.net. The total rentable area will be of 15,000 sqm, and in the first stage the company will develop an area of 10,000 sqm worth of commercial spaces.

The construction work began last week, and the delivery time is scheduled for March next year.

The second stage of the project, with a surface of 5,000 sqm, will be completed in the last quarter of next year. The investment is financed from the own funds of Oasis.

“Oradea is a city with a spectacular development, and we’ve considered that it’s more feasible, both for us and for the tenants, to build a retail park and not a mall,” said Klaus Reisenauer, shareholder within Oasis Retail & Development Consulting.

The company will also start work on a new retail park in Sibiu next year. Oasis owns a plot of 18 hectares in Sibiu together with the Austrian group CA IMMO. The project is expected to be delivered in 2018, and the investment amounts to EUR 30 million.

editor@romania-insider.com