Oasis Retail Development & Consulting development firm has put a strong brake on investments in the ten shopping centre network for which it has bought plots of land in recent years and is now focusing on the first stage of the Sibiu project, where it will build a space for Obi DIY retailer.
"We've slowed down expansion lately and focused on some projects, we've rethought concepts for some plots of land where we'll build retail parks instead of malls and we split into development stages the project in Sibiu, where we'll first build a space for Obi. Moreover, we've finished three new supermarkets rented out to Plus and two smaller retail parks in Tecuci and Fagaras, with tenants such as Takko, Deichman and domestic firms," Klaus Reisenauer, one of the two shareholders of the firm told ZF.
Reisenauer partnered for the Oasis firm with another businessman of Sibiu, Kurt Wagner. The two lived in Germany for 20 years, returning in 2002 as development partners for Kaufland supermarket network.
The two teamed up with Austria's CA Immo investment fund to develop a shopping centre in Sibiu, as well as with Real 4 You firm, the developer of MiniMax Discount network, together with which they bought several plots of land for the development of projects in Satu Mare, Botosani, Targu Mures, Pitesti, Focsani, Braila, Giurgiu and Bucharest.
Though the shopping centre market is oversaturated at the level of announced projects and existent projects are registering weak results, developers are still keeping these plots of land in standby believing that they will be able to develop after the crisis and competition will no longer be as tight as it is now.
"We're expecting two things: a signal from banks (...). And more determination from the retailers that will expand further, especially discounters," said Oasis representative.
The two businessmen own 15
