Belgian developer Liebrecht & wooD will invest EUR 100 M in a commercial park in Cernica and is negotiating with large furniture and DIY retailers. IKEA is among them, according to economica.net.
Construction works on the second outlet in Bucharest will start next year and the investment is forecast to total EUR 110 M.
Cernica Park will include a Fashion House Outlet Center – similar to the one located in Bucharest’s Militari neighbourhood, a hypermarket, a traditional commercial gallery, a Do-It-Yourself store, a furniture store and a sports store. IKEA is one of the retailers that could open a store there.
Before the start of construction works the company invested EUR 4.8 M in a 4-km road that makes it possible for the people of Cernica and Fundeni to access the A2 Highway. The 4-km road, financed entirely by the Belgian company, was built in cooperation with the Cernica and Fundeni mayoralties, the National Highways Company, the Bucharest Roads and Bridges Directorate, the Romanian Waters National Administration and the National Water Management System.
Liebrecht & wooD has donated the road to local authorities. This is not the first investor that invests its own capital in infrastructure works that should be financed by local authorities. Opus Land Development, the company that built the Cosmopolis residential project in Stefanestii de Jos, also invested in access road infrastructure.
Liebrecht & wooD entered the Romanian market in 2001 and the first project it developed was Bucharest’s Militari commercial centre. In 2007 the company inaugurated the Victoria Park office centre in Bucharest, a centre that has a rentable surface of 20,500 square meters. In 2008 it opened its first outlet in Romania – the Bucharest Fashion House Outlet Centre, as part of the West Park retail park that has a surface of 73,400 square meters. The company has so far invested approximately EUR 200 M in Romania.