West Park Bucharest, Romania

Client: West Park
Location: Bucharest
Size or value: 12,000 sqm GLA of retail space


Type Projects

Date 01/01/0001

Services used:
Retail agency

West Park Bucharest, new retail space for Jumbo

Background
Activ Property Services acted on the behalf Liebrecht&wood, a Belgium developer which owns West Park Bucharest, for the lease of an approx.12,000 sq.m. retail space for Jumbo megastore. Jumbo is the largest kids & family megastore chain in Romania with 9 stores in operation and plans to reach 18 units on medium term. This is a Greek retailer specialized in kids toys, family and home decorations with 73 megastores in Greece, Cyprus, Bulgaria and Romania.

Requirements
The Client asked us to identify and secure a new tenant for the vacant retail space adjoining to Fashion House Outlet Center, that suits the merchandise mix of the retail park and comes complementary to the fashion outlet center which is the anchor business of the retail scheme.

Solution
After discussion and presentation of the retail opportunity to several players in the market, we got interest from the Greek chain Jumbo, which believed in the location and shown interest to West Park. After a long commercial and technical negotiation, a lease contract has been concluded for approx. 12,000sq.m. which incurred a major transformation and extension of the existing retail space offered in the first instance.

Reward
The new Jumbo megastore is under-construction with opening in 2018.

West Park Bucharest will benefit from additional footfall generated by Jumbo, to strengthen its position as a major shopping destination in western Bucharest.

Project lead: razvan.gheorghe@activpropertyservices.ro