L&W: About 500 million euro for the project in Frumuşani

The Belgian company Liebrecht & wooD (L&W), the developer of shopping centers West Park (which includes Fashion House Outlet Centre Bucharest) and Militari Shopping Centre (sold in 2004 to Atrium European Real Estate), plans to develop a residential complex with 5,000 apartments in Frumuşani area (Călăraşi County), at a distance of 22 km from Bucharest. The project, called Frumuşani Residential Park, will be developed on a plot of 190 hectares, and the construction process will run for at least 10 years, requiring investment of about 450-500 million euro. Other projects which the developer will undertake in the coming period are the completion of the upgrading of the entire commercial areas in the West Park, in the third quarter of this year, and the development of shopping center Cernica Retail Park. L&W Group is active for over two decades on commercial real estate markets in Poland, Romania and Russia, the local company being operational since 2001, when developed Militari Shopping Centre complex in Bucharest. Recently, the company completed the renovation of one of the three units of the outlet Fashion House, in the West Park located in Militari district of Bucharest, following an investment of 600,000 euro. The upgrade of the entire commercial area will be finalized in the third quarter of this year. West Park covers over 74,500 square meters of retail space in existing buildings, as well as 2,150 parking places. In the future, is programmed an extension of the shopping center with a new unit. As for Cernica Park, which will require an investment of 110 million euro, the complex will be developed on a land area of 34 hectares located near the Sun Highway (A2). The objective will include a second outlet center under the brand Fashion House, a hypermarket, a shopping area, one DIY store, stores of furniture and sporting goods and 3,500 parking places. In total, the center will have 88,000 sqm (with possibility of extension up to 100,000 sqm). Most likely, the construction works will be started in 2016.