ECONOMY

British developer to invest in new Bucharest mall

BUCHAREST (SeeNews) – UK-based property developer Modus Properties said yesterday it will make a joint 408-million-euro investment with Romanian real estate firm Nova Imobiliare to develop a shopping center in the Romanian capital. «Romania is the ideal location for this new Modus development,» Modus Properties said in a statement. The retail and leisure center, called The Colosseum, will span some 140,000 square meters and have more than 200 shops. Located in the northwestern part of the city, it will also have a parking lot for 6,000 cars. Modus Properties said construction work is due to start in the spring of next year. The investment will also include development of the surrounding road and city infrastructure. Another UK property developer, Helios Properties, said last week it had acquired Mercury Logistic Park in Bucharest for an undisclosed sum and was looking for more investment opportunities in the city of Timisoara.