Real estate developer Iulius Company and Atterbury Europe have opened the €327m ($359m) Iulius Town mixed-use project in Timisoara, Romania.
Developed around an existing shopping mall called Iulius Mall Timisoara, Iulius Town features retail, office and entertainment facilities.
With €327m already been invested in the mixed-use project, the companies now plan to allocate the remainder of the total €442m ($485.5m) to meet the construction costs of the United Business Center, which is the highest office building in the country with a height of 155m.
The firms expect the office building to attract clients from the local area, as well as neighbouring Serbia and Hungary.
Iulius Company president Iulian Dascalu said: “Iulius Town is a city within a city, a multifunctional project that generates added value for the community and for the entire area. Together with our partner, Atterbury Europe, we have developed a regional business hub, which contributes to economic development, but also a cosmopolitan space for shopping and relaxation, unique for Romania.”
Iulius Town is the biggest project opened in the country in this year. It consists of the largest retail area of 120,000m² outside of Bucharest, as well as the region’s largest Class A office space of more than 100,000m².
Atterbury Europe CEO Henk Deist said: “In June 2017, we signed a 50/50 joint venture with Iulius to accelerate the rapid development rate for Iulius Town Timisoara and other projects. Our partnership is producing solid results, as can be seen in this absolutely impressive first stage of retail, entertainment and office-use developments.”
Iulius Company has developed more than 300,000m² of retail spaces and 146,200m² of Class A office spaces.
Established by South Africa-based real estate developer Atterbury Property in 2014, Dutch-registered Atterbury Europe is currently owned by a consortium of private investors RMB Holdings and Pareto.