Catinvest announced the opening of the first Class A office building in Craiova, in the Electroputere Parc commercial centre, as part of its strategy to strengthen the project’s leadership in Oltenia. The new offices are part of a mixed-use building covering 12,300 sqm that have been completed this year and another similar building covering 12,700 sqm is set to be finalized in the second quarter of 2021. The total investment in both developments amounts to €39 million.
With this new opening, Electroputere Parc adds 4,300 sqm of commercial spaces and 8,000 sqm of office spaces, alongside 650 new underground parking spaces for customers and employees. The new commercial spaces are already occupied by brands like Hervis, Volvo, Pepco, Takko and Sportissimo, as well as several coffee shops and restaurants. The Class A office building is also almost entirely leased. The main tenant, covering 60 percent of the gross leasable area, is HELLA, the leading automotive supplier specialized in innovative lighting systems and vehicle electronics that has 4,500 employees in Romania in total.
“This extension is just another step of Catinvest’s plans for Electroputere Parc. It shows our strong commitment to developing Craiova and the region. Electroputere Parc is already a regional power zone, extremely well-positioned within the city and very accessible, offering citizens access to more than 200 top brands of retail and entertainment covering a total of 90,000 sqm. The addition of the first Class A offices in Craiova will obviously bring more value to the local economy”, said Jibril Semour, General Manager of Catinvest Eastern Europe.
Construction works for a second tranche of the mixed-use development of Electroputere Parc are well underway, with plans to be finalized in the second quarter of 2021. This will add another building offering 12,700 additional sqm of mixed-use spaces. Once this second tranche is completed, the total gross leasable area of the new complex will increase to 25,000 sqm, of which 9,000 sqm for retail and entertainment and 16,000 sqm for offices.
“Being a private company with a long-term perspective gives us the possibility to keep investing in our projects even in difficult times. Electroputere Parc is a very important development with a lot of potential for future growth. Our investment plan for 2021 and 2022 amounts to another €58.5 million leading to additional retail, offices and other services such as co-working spaces and aparthotels, all contributing to the development of the region”, said Bertrand Catteau, President of Catinvest Group.
The French real estate group Catinvest, which owns and manages Electroputere Parc, also owns and manages several other shopping centres in Romania – Carrefour Orhideea and Cora Pantelimon in Bucharest and Carrefour TOM in Constanta – as well as in Eastern Europe – Auchan Savoya Park in Budapest and Tesco Borska Pole in Plzen. Catinvest is also active in France in residential and shopping centres activities. In total, Catinvest owns and manages more than 500,000 sqm of spaces in France and Eastern Europe.
