Spanish-based Inditex, owner of clothing and accessories retailer chain Zara has signed the leasing contract for 4,000sqm retail space in AFI Palace Cotroceni shopping center after three-year-long negotiation, according to the leasing agent of the mall, Jones Lang LaSalle.
Apart from Inditex, Jones Lang LaSalle brought fashion retailers such as C&A, New Yorker, Collins, Tommy Hillfiger, Deichman, Humanic, Mango, Promod or new brands such as LC Waikiki, XSIDE, Go Sport.
“Negotiation for the leasing of 4,000sqm retail space with Inditex lasted the longest, for its eight stores opened in AFI Palace Cotroceni (Zara, Zara Man, Zara Home, Massimo Duty, Oysho, Pull & Bear, Bershka and Stradivarius). We laid down the project in early 2006, but the leasing agreement was signed in 2008”, Roxana Stanciulescu (photo), senior consultant with Jones Lang LaSalle told Wall-Street.
Although Inditex agreed to the terms from the start, a round of meetings and talks on the positioning of the stores, on technical and financial details has been the factor that delayed the completion of the leasing procedures.
AFI Palace Cotroceni has a gross leasable area of 76,000 sqm and represented a total investment of €300 million. The shopping center was developed by AFI Europe, affiliate of Africa Israel. The building boasts 250 stores, 2,500 parking spaces, round-the-clock Real hypermarket, 20 cinema theaters, the first IMAX in Romania and a 1,000 sqm skating.
Jones Lang LaSalle is one of the largest real estate consultants in the local market, with a turnover of around €2. 8 million in 2008. The company runs operations in 60 countries through 180 offices.
