22.6 C
Bucharest

  All the European investment, retail, real estate, office and industry news in English language

22.6 C
Bucharest
Sunday | July 5 | 2020

Magazinul București is ready to re-enter the commercial flow

The reconstruction of the famous Magazinul București, with a history of 90 years, has been completed, following an investment of over 6.5 million euro.

The building that maintains the specific curved glass display cases, originally integrated in the emblematic interwar period store, is designed to combine  retail spaces, Class A offices and a restaurant under the same roof.

Magazinul București is located at the intersection between I.C. Brătianu and Lipscani streets in Bucharest. The building has a total leasable area of approximately 3,150 square meters, distributed over seven levels, which can accommodate tenants from retail, office and co-working but also services.

Magazinul Bucuresti, a brief history

Magazinul Bucureşti was built in 1930. Initially it was called Popp & Bunescu, named after its founders, Bucur Bunescu and Nicolae Popp. In 1948, the building was nationalized and became Magazinul Universal Bucuresti.

After 1989, the activity of the shopping center was discontinued, and in 2003 the former mayor of Sector 5, Marian Vanghelie took possession of the majority stake of SC Bucuresti SA, the owner of Magazinul Bucuresti at that time.

In 2010, Magazinul Bucuresti was given back to the heirs of the Bunescu family, and in 2013 it became the property of Dutch investors Gerard Heinen and Johannes Jozefus Maria Baakman.

The new owners obtained authorization for the reconstruction of the store in 2017, and 90 years after its inauguration, in 2020, Magazinul Bucuresti returns to the commercial circuit and to the urban landscape of Bucharest and continues to write history.

Discussions for space rental are already ongoing, with the real estate professional services and investment management company Colliers International being the exclusive agent.

- Publicitate -