OTP Bank continues to support the local economy and retail sector by financing solid projects, with an impact on the community, and provides approximately 9 million euros in financing to real estate developer Oasis Retail Development & Consulting, for the construction of the Prima Shops Sibiu retail park.
The first stage of development for the retail park built by Oasis Group in the northern part of Sibiu will have a rentable commercial space of 9,000 sqm, distributed in 11 retail units, and the financing granted by OTP Bank represents 75% of the total investment. The retail space delivery towards the future tenants will take place in August 2021, and the opening for the public is sheduled for October 2021.
“We are glad that we can be partners in a considerable investment, with a functional business and winning retail model. We currently carry out financing in different sectors of activity, from production, to agribusiness and entrepreneurial businesses, but as a volume of activity, local retail is one of the winning sectors of the pandemic. It is a developing field, and the concept of commercial gallery that Oasis Group has under construction in Sibiu has proven its resilience during the restrictions through a high attractiveness for consumers”, said Dragoș Mirică, Deputy CEO and Head of Corporate Banking Division, OTP Bank România.
OTP Bank is engaged in financing local companies and continues to support sustainable business models that adapt to changing conditions. Oasis Group, one of the most active local companies in the retail property development and management sector, has under development, in the northern commercial area of Sibiu, near the motorway exit, a shopping concept that will anchor retailers Hornbach, Kaufland, a household products and toy store retailer, and two furniture stores, which will be completed by the end of 2022.
“We appreciate the trust of OTP Bank, our new banking partner. We also enjoy the trust of our tenants, having a pre-lease of 80% reached before the start of the construction works. We believe that it is a clear proof of the strength and resilience of retail parks and the continuing attractiveness of this retail concept for financiers, retailers and customers alike”, said Klaus Reisenauer, partner at Oasis Group.
In the next development phase several retail stores will be built, which will complete the mix of existing tenants, as well as service spaces and several restaurants. Upon completion, the entire Prima Shopping Center Sibiu project will have a total area of 60,000 square meters and will be one of the largest retail park projects in the west of the country.