In market news from Eastern Europe, commercial property investment company Argo Real Estate Opportunities Fund ( AREOF )will acquire two shopping parks in Romania. According to a report from StockMarketWire.com, the ERA Shopping Park in Oradea, and the ERA Shopping Park in Iasi, will come under the Argo umbrella.
The ERA Shopping Park Oradea is a development by Omilos Group, one located just outside the downtown district of Oradea totaling some 180,168 square meters. It is the first such commercial venture of this size and type in the city. Meanwhile, the ERA Shopping Park Iasi, is the largest such complex outside Bucharest, totally in excess of 350,000 square meters of retail space. David Clark, Chairman of AREOF, had this to say about the deal:
"Once this transaction is complete, we will have added another two quality retail park shopping centres in the cities of Iasi and Oradea in Romania, ensuring that AREOF is the largest listed retail property company operating in Romania. This aligns with our ongoing commitment to become the dominant developer, owner and operator of international-quality retail parks and shopping centres in Romania and the surrounding regions.
We expect the Romanian property market to catch up with that of Western Europe, benefiting both the business and shareholder value in the long term. The resultant increase in scale of the business following the transaction should also assist in raising the profile amongst investors seeking exposure to the region."
Clark head a board consisting of influential International entrepreneurs including; Louis Plowden-Wardlaw, Dr. Ralph Hill, Dr. Robert Brown, and David Fisher, according to the company's website. Argo was founded back in 2000 by Andreas Rialas, who now presides as the company's Chief Investment Officer. The company has offices located in in Argentina, Cyprus, Romania, Singapore, Ukraine and the UK.