“The long time it takes to secure the construction permit makes the market context for the building of Stop Shop no longer ideal. We are still seeing high demand from investors and are considering selling the land,” says Fulga Dinu, country manager operations with Immofinanz Romania.
“We are in the process of consolidating the Stop Shop brand in Romania and other countries through acquisitions and greenfield development.”
Immofinanz said at the beginning of last year it had started the process to secure the necessary permits to build a Stop Shop shopping center in Brasov and expected to complete it this year. The project should have been built on the former IUS plant site in Brasov, a city that has real estate potential especially when it comes to retail, Immofinanz officials said.
Immofinanz owns EUR810 million worth of shopping centers and office space in Romania.
Stop Shop is an Immofinanz brand in countries like Austria, Poland, Czech Republic, Hungary and Slovenia. There are 70 shopping centers in eight countries using this brand. They include a shopping center in Botosani that Immofinanz bought in 2017, which will be rebranded to Stop Shop and inaugurated by the end of October.
(English version by Loredana Fratila-Cristescu)