RED inked two new rental contracts with Carrefour for the Radius Shopping Business & Arts project in Baia Mare and the Armonia commercial center in Satu Mare. The projects developed by RED required total investments of 150 million euros.

Carrefour rented 13,100 square meters in both locations which are almost completed.

Radius Shopping Business & Arts stretches over 142,000 square meters and consists of a commercial gallery (40,000 square meters), office spaces (18,000 square meters), hotel (7,000 square meters) and art center (2,000 square meters). The project will be completed in 2009. The Armonia project will be ready in September 2009.

RED Management Capital is part of the RED investment and real estate development group which broke into the Romanian market in 2005. The company develops mixed-use projects and commercial centers in Baia Mare and Constanta, residential projects in Bucharest, Iasi and Baia Mare as well as small commercial centers in 20 other secondary towns.

In Romania, Carrefour operates through 12 hypermarkets and 21 supermarkets, acquired in 2007 from Artima.The company posted revenues of 866 million euros last year, 42.2 percent higher versus the year before. For this year Carrefour targets business of more than 1 billion euros for hypermarkets only.

Source: NewsIn