Mas and Prime Kapital with big plans
Investment & financejournalist
Dambovite mall is currently under construction 2 km from the centre of the city of Târgoviște. The 33,000 sqm gla centre is to open in Q2 2020 and is currently 80 pct leased. The two companies are also planning to develop Mall Moldova near Iași. The 100,000 sqm centre is scheduled to open in Q2 2020 and is now 60 pct leased. The building permit is expected to be granted this month. Also in Iași the two companies are intending to develop the Silk District mixed use district on a 10 ha site. The development includes 100,000 sqm of office space,2,500 apartments and 160 hotel rooms. Around 42 pct of the land is to be left green. Zoning approval has not yet been granted but completion of the first stage should be in Q1 2021. The companies have also annouinced their intention to add another 26,000 sqm gla to the Militari shopping centre in Bucharest which would bring the total gla up to 80,000 sqm. The project should be completed by June 2024. The building permit for the Marmura Residence in Bucharest should be granted soon. A total of 466 apartments are to be built on a 1.5 ha plot, which should be delivered in Q2 2021. The development includes 509 underground parking spaces and 70 pct of the units have been sold. The companies are also planning the Avalon Estate on an 8.1 ha plot in Bucharest. A total of 733 apartments are to be built and delivery of the first stage is expected in Q3 2021. The building permit should be granted in September. Ground work has already begun for the extension of the DN1 Value centre in Bucharest. A further 28,500 sqm is to be added to the retail centre with the opening scheduled for Q4 2019. The space is 90 pct leased and the building permit is expected soon.
Mas REI has also announce that it has acquired the option to buy out its partner Prime Kapital, including the company’s management platform and its effective 20 pct stake in the investments. Mas is under no obligation to exercise the option but if the transaction is to go ahead, it must be completed between 30th June 2022 and 30th June 2024.
Moldova Mall is to be built near Iași
DN1 Value Centre extension
Avalon Estate
Marmura Residence
Dambovita Mall
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