Austrian group Supernova, specialized in developing retail parks, took over CA Immo’s stake in a retail project in Sibiu, central Romania.
CA Immo and partner Oasis Development planned to develop this project on an 18-hectare plot purchased before the crisis in 2008-2009.
Supernova and Oasis Development will invest €15 million from their own resources in the project’s first stage, which includes a hypermarket and a shopping gallery stretching over 15,000 sqm, local Profit.ro reported. Later, a €30 million bank financing will be used for further expansion.
Oasis Development is controlled by local entrepreneurs Klaus Reisenauer and Kurt Wagner, who have invested over €80 million in their own real estate projects in Romania and €40 million in Germany. The two started by building hypermarkets for Kaufland and Plus (later bought by Lidl) in Romania. Supernova manages assets worth over €1 billion.