GTC Begins Construction of GALLERIA Chain in Romania

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GTC Begins Construction of GALLERIA Chain in Romania

GTC Romania is beginning construction of three shopping centers in medium-sized cities under the common brand GALLERIA. The gross area of the buildings, which are to be completed by the end of this year, is about 50,000 m².

GALLERIA is the brand for shopping centers that GTC Romania will build in medium-sized Romanian cities. GTC Romania has begun construction of the first three buildings in the cities of Buzau, Piatra Neamt and Suceava.

GALLERIA will be the first chain of mid-sized modern shopping centers on the Romanian market. The company plans to build about 10-12 similar facilities in Romania within the next 4 years.

GALLERIA Buzau is being built on a plot of 2.1 hectares near the center of the city, and will offer 13,500 m² of lettable space. Underground parking for customers will hold 300 cars.

GALLERIA Piatra Neamt is located in the south-eastern section of the city on a 1.8-hectare plot near the main access route to the city center. The two-story building will have lettable space of 12,200 m² as well as parking for 300 cars.

GALLERIA Suceava, located at the intersection of the city’s two main traffic arteries, will offer 10,700 m² of lettable space together with 270 parking places.

The main tenants of the GALLERIA shopping centers will include a supermarket, a furniture store, an electric appliances superstore, as well as fashion stores, shoe and cosmetics shops. The centers will also offer food services, with a food court, cafés and restaurants.

The operator of the supermarkets in the GALLERIA centers will be the prominent international food store chain SPAR.

Lease terms have been negotiated with other main tenants and letters of intent have been signed.

The general contractor for the GALLERIA chain will be the Turkish construction firm Yapitek. The architectural design for GALLERIA was prepared in consultation with Speakman Design, which advises on effective location of shops and tenant mix. Colliers International is the exclusive letting agent for the commercial space.

The name GALLERIA comes from Polish investments of Globe Trade Centre: Galeria Mokotów in Warsaw and Galeria Kazimierz in Cracow.

Development of GALLERIA shopping centers is a joint venture with Aura Group, where both partners hold 50% interest.

In addition to shopping centers in Buzau, Piatra Neamt and Suceava, GTC Romania is developing, together with Aura Group, a 25,000-m² NRA shopping center in Arad. GTC Romania holds 75% stake in this venture.

Romania is one of the key markets in Central & Eastern Europe for Globe Trade Centre. With the participation of strategic partners, the company is building a total of 12 properties with total area of 455,000 m² (of which GTC’s portion is 290,000 m²) in all three segments of the real estate market: office, retail, and residential.

GTC Romania is a 95% subsidiary of Globe Trade Centre S.A.

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