S IMMO AG starts the remodelling and expansion of Sun Plaza

S IMMO AG starts the remodelling and expansion of Sun Plaza shopping centre in Bucharest: about 40 new shops will be added to the scheme after the reconfiguration and 75 per cent of these have already been contracted, the company representatives announced.

2016-06-21 11:14:33

Among the new tenants are world-renowned brands entering the market, including American fashion retailer Forever 21, which continues its expansion plan and will open one of its largest Romanian stores in Sun Plaza.

The upgrading process of Sun Plaza started in the first quarter of 2016 and is expected to be completed in the first quarter of 2018. The remodelling works will bring 11,000 sq.m. of high-quality retail and leisure space for up to 40 new stores.

"Sun Plaza has gained its position as the dominant retail scheme in the Southern part of Bucharest and the remodelling will further strengthen it. The reconfiguration will bring a new vibe in our retail mix adding more brands, trading up the centre and gaining further fashion competence. We are in advanced stages of negotiations with various retailers for the remaining shops, including brands that will for sure bring enthusiasm among our customers", stated Friedrich Wachernig, member of S IMMO AG's Management Board.

The reconfiguration process is divided in phases, spread over a period of 24 months. This will help the business continuity for the existing retailers and ensure that the quality of the shopping experience in the existing part of the centre is maintained.

Most of the reconfiguration works will be performed in an area independent of the current shopping centre and traffic flow. The remodelling includes the extension of the underground passage leading visitors from the South Square metro station directly into the mall. Also, new pathways and new retail areas will be created within the shopping centre. The extension will cover mainly the premises of the former Mobexpert store.

Some of the existing anchor tenants, such as H&M and C&A, will relocate and modernize their stores to offer a wider variety of products.

Sun Plaza witnessed a great performance so far and the reshaping process aims to further strengthen its position on the Bucharest retail market. The project is now in its third year with 100% occupancy and 75 per cent of the additional space to be opened in 2018 is already pre-let. Moreover, Sun Plaza's representatives expect to have the entire project fully occupied by the end of the reconfiguration process.

"We are very excited that Forever 21 will be part of the remodelling of Sun Plaza, with one of its largest stores in Romania. More brands will be joining the scheme and we look forward to announcing more novelties and national premieres soon. The new shops and entertainment spots will be a valuable addition to the community that lives and works in the Southern and Eastern parts of Bucharest", added Vicențiu Spătaru, Shopping Centre Manager of Sun Plaza.

The reconfiguration of Sun Plaza is designed by architects and engineers from ATP Vienna and coordinated by Optim Project Management. The local contractor appointed for the construction works is Bog'Art, one of the largest and most experienced construction companies in Romania.

As Austria's first stock exchange listed real estate investment company, S IMMO AG has stood for experience, a balanced portfolio, and sustainable growth since 1987. The company invests in commercial and residential properties in Austria and Germany as well as Central and Southeastern Europe. S IMMO AG's strategic core shareholders are Erste Group and Vienna Insurance Group.