International company Global Vision ventures into the retail industry, committing a 10 million euro investment in Oradea.
Global Vision Enters Retail Sector with Oradea Retail Plaza
Global Vision, a prominent real estate investment and development company, is making a foray into the retail sector with a commercial project in Oradea, Romania. The company's new venture, Oradea Retail Plaza, is set to transform the city's retail landscape.
Located on a 2.6-hectare plot in the southern part of the city, with direct access to the ring road, the retail plaza spans more than 25,500 square meters. The total investment in this project exceeds €10 million, making it a significant addition to the city's retail infrastructure.
Oradea Retail Plaza will feature a retail park and a modern commercial gallery of over 1,500 square meters, aiming to create a new retail and social destination for both national and international brands. The project includes an anchor tenant, a hyper-discount store, operated by Auchan Romania under its ATAC Hiper Discount format.
The anchor tenant has secured a 7,500 sqm space in the development under a long-term lease agreement. Auchan Romania, with its extensive portfolio of over 480 stores across various formats, affirms its strategy to expand the ATAC Hiper Discount format nationwide due to the successful performance of existing stores.
Global Vision, founded two decades ago, has been a significant player in the real estate market, focusing on sectors like industrial, office, and residential. With the Oradea Retail Plaza, the company marks its official debut in the retail real estate market. The company's CEO, Sorin Preda, emphasizes long-term vision, strategic positioning, and value-driven development as principles guiding the company's expansion into retail.
The Oradea Retail Plaza is part of a broader €150 million investment pipeline for Global Vision. The company aims to continue growing a diversified portfolio, responding to growth trends in retail parks, especially in smaller cities with lower saturation levels.
The development will also feature a commercial gallery of over 1,500 sqm for national and international brands, positioning Oradea Retail Plaza as a modern retail and leisure destination, targeting expansion and national/international brands.
Irina Marica, the author of this article, provides insights into this exciting new development. For more information, visit Global Vision's official website.
[1] Global Vision press release, 2022. [2] Auchan Romania press release, 2022. [4] Romania-Insider.com, 2022.
- Global Vision's new venture, Oradea Retail Plaza, is a significant addition to the city's retail infrastructure, investing over €10 million in the project, which will feature a retail park and a commercial gallery for national and international brands.
- Global Vision, having focused on sectors like industrial, office, and residential for two decades, marks its official debut in the retail real estate market with the Oradea Retail Plaza, part of a broader €150 million investment pipeline aiming to grow a diversified portfolio responding to retail park growth trends in smaller cities.
