IMMOFINANZ has announced that it will begin refurbishment of the VIVO! Baia Mare shopping center on 1 June. The refurbishment work will bring new tenants to the center’s portfolio and will cover a total area of more than 10,000 sqm, equivalent to one third of the gross leasable area of VIVO! Baia Mare. The work is scheduled to be completed in the fourth quarter of 2021.
The new space resulting from the refurbishment and extension of the mall will be occupied by a leading domestic food retailer as well as prominent fashion and sports brands, some of which will be making their debut in the local market. Additionally, some of the current tenants have opted to expand the size of their stores or to lease other areas in the mall. VIVO! Baia Mare currently has a gross leasable area of roughly 32,000 sqm.
In the retail segment, IMMOFINANZ has three other shopping centers in Romania, located in Cluj Napoca, Constanța and Pitești, and owns the STOP SHOP retail park in Botosani. The shopping centers owned and managed by IMMOFINANZ in Romania have an occupancy rate of over 98%. In 2019 IMMOFINANZ carried out a similar refurbishment process at VIVO! Cluj Napoca. The modernized area on completion of the works was 22,000 sqm.