Local investor Lotus Center acquires Oradea Plaza complex

Local capital group Lotus Center, the largest owner of shopping centers in Oradea, acquired the multifunctional complex Oradea Plaza from Portico Investments Romania.

A mixed real estate project, Oradea Plaza is located in the busy urban city center and has a total leasable area around 7,900 sqm approximately equally split between Class A office space and retail space and has future expansion potential over the ca. 2400 sqm of land available for development.

Oradea Plaza is host to tenants from multiple domains, such as banking or telephone services, pharmacies, cafes, fashion stores and a children’s playground, including eMag, Carrefour, Staer, Sensiblu, Medlife, NN or BRD.

The complex delivered in July 2010 by international Real Estate Investor Portico Investments includes the first A Class office building developed in Oradea’s city center.

„In the past, Romania had a limited pool of local investors in the real estate market. However, as the market gradually becomes more mature, local investors including Romanian entrepreneurs with strong businesses in the main regional centers in the country are gaining momentum. Only in the last two years, transactions of commercial real estate assets involving local investors surpassed 400 million euros”, says Simina Niculiță, Partner & Head of Retail Agency at Colliers International.

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