The project will operate under the Galleria brand, similarly to the malls developed by GTC in Suceava, Buzau and Piatra-Neamt, and will have a leasable area of 33,000 square meters. Its tenants will include Cora, Altex, Cinema City and Spanish group Inditex, which will open Zara, Bershka, and Pull and Bear stores.
Galleria Arad will be the largest investment in a shopping center conducted by GTC, amounting to around EUR70 million, financed by the European Bank of Reconstruction and Development, with the company’s first three projects having a EUR20 to EUR25 million investment budget each.
Galleria Arad mall is located on Aurel Vlaicu avenue, the thoroughfare that connects the center of the town with Nadlac customs check point, which accommodates another two sizeable shopping centers – Atrium Center, closer to the center, and Armonia Arad retail park, on the outskirts of the town.
In other words, there are three projects with cumulated areas of over 100,000 square meters which entailed investments of over EUR200 million along an around five-kilometer stretch, which consultants consider to be too high a retail density.
However, GTC has rented around 90% of the area of the future mall.
Shimon Galon and GTC are known on the Romanian market primarily for the three office projects developed in Bucharest – Europe House, America House and City Gate. This year construction work is set to start for a new office project, Ana Tower, in partnership with businessman George Copos.