Auchan Group has announced it will invest €55m -€60m in the first stage of the Coresi project development located on the former site of the Tractorul Brasov factory.
Just 24 ha of 100 ha recently acquired from the Centerra Capital Partners investment fund will be used in this first phase.
The project will be developed by Immochan, the real estate division of Auchan, with funding to come from the group’s own funds.
The first phase will include a 13,000 sqm Auchan hypermarket, a shopping gallery of 25,000 sqm, 3,000 parking spaces and a retail park which will host a DIY operator, a restaurant drive-in, the operator maintenance and repairs Norauto, a gas station and a furniture retailer.
Work will begin by the end of the year and completion of the mall is scheduled for late 2013.
