Benevo and NEPI purchased 78,000 sqm of land, former Vulcan factory, in January 2012.
Vulcan Retail Park is a big box concept in the city, comprising a hypermarket and other national and international value/discount retailers.
The site is adjacent to the third best Kaufland in Romania by turnover.
The site benefits from a large catchment of pedestrian and motorized shoppers due to its proximity to high density neighborhoods.
In addition existing bus and tram lines ensure that the retailers and customers alike will be well served by the public transportation. These provide access to all parts of the city and connect the site to the city center (Unirii Square, Cotroceni) in only 5–15 minutes.
A further major advantage of the site is the 2 main boulevard accesses.
The PUZ was approved in late December 2012. The below ground construction started on 21st of January, 2013. Pre leasing was 80% of GLA in September 2013.
The retail development will offer 30,000 sqm GBA above ground, comprising a Carrefour hypermarket of 9,632 sqm, and national/ international retail anchors of 15,224 sqm.
Following the pre-development work and significantly de-risking the project, Benevo sold their 50% equity share to their JV partner for a substantial profit and exceptionally high return on equity.
Project has opened in September 2014 and performs successfully.
|Land area||77,468 sqm|
|Gross buildable area||29,915 sqm|
|Gross leasable area||27,000 sqm|
|Parking spaces||1,160 spots|