Successful on-time completion of developments increases the footprint of the MAS and Prime Kapital partnership in the region
In November and December 2018, PKM Developments, the joint venture between MAS Real Estate
Inc. and Prime Kapital, completed three new value centres in Romania. The Roman, Baia Mare and
Slobozia centres add 47,500 square metres of GLA to PKM Development’s income-generating portfolio,
bringing to nine the total number of centres completed.
The partnership, in which MAS has a 40% stake, was established in 2016, in line with MAS’ strategy of
expanding into Central and Eastern Europe to diversify what was previously a UK and Western
The development portfolio and pipeline
PKM Developments has a pipeline in excess of 586,000 square metres GLA of retail, mixed-use and
residential schemes. The major mall developments include the 100,000 square metre GLA Mall
Moldova in Iasi, the second largest city in Romania; the 50,000 square metre GLA regionally dominant
Arges Mall as well as the 31,000 square metre GLA Dâmbovita Mall, part of a wider urban regeneration
project in a densely populated residential area of Targoviste, the county capital.
Malcolm Levy, MAS CEO, commented that the partnerships’ current pipeline in excess of €700 million
extends for at least the next five years. “As the developments complete, the income generation of
the business will increase. Combined with increasing consumption in the region, we expect the
income generated within this portfolio to show strong growth over time.”
Roman Value Centre
Commenting on the opening of Roman, Prime Kapital founder Martin Slabbert said: “Roman city, an
important town with a significant automotive, food and construction materials industry, lacked
a relevant retail scheme. The 19,100 square metre Roman Value Centre, within walking distance from the city centre and in the immediate vicinity of the train station as well as the city’s regional bus station, is superbly located to address the demand for convenience shopping by residents and surrounding areas.
“With an estimated catchment population of approximately 159,000 within a 30 minute drive, as
well as a Carrefour hypermarket anchoring the centre, footfall is expected to be strong.”
Baia Mare Value Centre
The Baia Mare value centre, totalling 21,700 square metres of GLA, has good accessibility and is
supported by several public transport routes in the near vicinity, including the E58 European road which
is the main connection between Baia Mare city and the wider Transylvania region. The centre is also
anchored by a Carrefour hypermarket and includes a high concentration of other anchor tenants with
an emphasis on fashion and home decor.
Slobozia Value Centre Opening of the first phase (6,700 square metres of GLA) has been completed, with the project expected to total 10,700 square metres of GLA upon completion of the planned second phase. Slobozia Value
Centre benefits from an excellent location, with frontage on the E60 European road and the city’s main
boulevard. The centre is adjacent to a Kaufland hypermarket and is anchored by tenants with an
emphasis on fashion and home décor.
Slabbert added that, “The value centres are centrally located with a convenience focus and
present the opportunity for development into larger malls in the future. The strong positioning
of the centres is evident in their trading, which has been exceptional since opening.”