The first stage of the real estate project Colosseum, in the north-west of the capital, the biggest retail project under construction in Romania, will be finalized this fall and the owner of the business, British entrepreneur Panico Panayi, expects this stage of the project to bring 6.2 million euros worth of rental incomes per year.

The first stage of the project, which will become the biggest of the kind in Romania when completed, covers a total area of 53,000 square meters and will include a Leroy Merlin DIY store, a Carrefour hypermarket, an Altex store and two other big-boxes that have not yet been rented out.

At the moment, over 70% of the retail park’s total area has been rented, and according to Panayi, the average rent is about 11 euros per square meter.

Investment in the first stage of the project amounts to 42 million euros, but the entire commercial center will cost 350 million. Next spring, the developer plans on starting the first stage of the commercial center’s mall as well. In this first stage, the mall will spread on an area of about 54,000 square meters and will require an investment of 90 million euros.

The second stage of the mall will cost over 200 million euros and will stretch over 90,000 square meters. The entire project will be finalized in 2016.