"Hungary's real estate developer giant TriGranit has inaugurated Polus Center Cluj, a shopping mall build from over EUR 300 million in Romania's Cluj. The plaza had been acquired earlier in a forward sale transaction by Immoeast, which exercised its pre-emptive rights. The Hungarian constructor completed the project in 15 months, while the plot itself had been bought ten years ago.Before the opening ceremony, Portfolio.hu has talked with TriGranit's Chairman-CEO Sándor Demján and operative chief executive Sándor Nyúl.
Nyúl said the construction was delayed by about six months due to archaeological findings. He added that 100% of the 80,000-sqm (gross, 60,000 sqm rentable) area is already taken. The main companies in Polus include Intersport, Hervis, a Carrefour hypermarket (on 8,000 sqm) and Zara. Several Hungarian companies will also move there, including bookstore Libri, furniture retailer Pannon Bútor, and the subsidiaries of MKB and OTP Bank will also open a branch in the plaza.
Nyúl said he has unflinching faith in the great potentials of Cluj's retail market. Polus is the first shopping mall in the city, but a second, Julius Mall, is also be opened later this year.
About further plans in Romania Nyúl said TriGranit was planning similar projects to Polus in Brasov, Konstantca, Sibiu and Kraiova. These are the cities with a population of over 300,000 where TriGranit believes the Polus model can be successful. In the near future, TriGranit will also launch a multifunctional project in Cluj, near Polus plaza, where it will build flats, offices and commercial facilities in a 100,000-sqm building.
The largest project of the company in Romania is Esplenada city centre in Bucharest, the realisation of which will cost EUR 800 m.
"Romania will surpass Hungary"
A total of 600 Hungarian firms worked on the realisation of Polus Center, primarily because a substantial part of the Romanian workforce in the construction industry is employed in Western Europe, which makes locally available labour scarce, Demján said.
Romania is in such a momentum that it will certainly surpass Hungary in respect of the standard of living - GDP per capita - the rate of economic growth and the size of capital influx already in this decade, Demján said.
While TriGranit focuses only some 5% of its activities to Hungary, it plans to carry out investments worth about EUR 2-3 billion in Romania in the years to come. This means that following Russia and Poland, Romania is the group's third-largest focus market.
Demján believes the largest business in the future will be tourism. That is why TriGranit is building several hotels in Russia."
Source:
Portfolio Online Financial Journal
Photo for illustration purposes only
15.10.2007