RIVUS – IULIUS, Cluj
With approximately 250,000 sqm under development and 75,000 sq m more in the pipeline, Cluj represents the most exciting retail hub on the Romanian market.
The most cityscape-changing investment is run by Iulius Group, one of the existing investors in shopping centers in the city. Rivus is a mixed-use development covering 14 ha that will bring 145,000 sq m of commercial space to Cluj, out of which 120,000 sq m are dedicated to a state-of-the-art shopping center. The project recently received a long-awaited Zonal Urban Planning permit, one of the key steps in securing a building permit; works will most likely break ground in 2025. The entire urban regeneration project will serve sophisticated shopping needs and will be the go-to destination for the community, due to its lush gardens and cultural and leisure areas. Moreover, the developer will create a promenade area to Somesul Mic River, which is currently inaccessible and unappealing, and enhance the urban mobility facilities. The concept design is signed by the Dutch UNStudio, renowned for landmark projects across the world.
Iulius is well acquainted with Cluj retail market, as Iulius Mall in Gheorgheni neighborhood has a history of 17 years and an offer which exceeds 240 stores, an entertaining food court, an Auchan hypermarket, and a 10-room movie theatre operated by Cinema City.
Another important, well-established player in Cluj is CPI Property Group, which owns VIVO! shopping center, the first modern mall in the city, serving both Cluj & Floresti, a 50,000-people village, part of the metropolitan area. The group has an extensive modernization process underway within the portfolio aimed at reconstruction, renovation, equipment and installation changes, but also a refresh of the tenant mix. Burger King has already inaugurated a new unit, while Primark will open next year.
Urbano Group is developing a second large-scale project that shall serve the needs of c.a. 80,000 people in immediate proximity and an extended catchment area of c.a. 400,000. The new retail park spanning 130,000 sq m gross built area is developed on 27 ha in two phases in Luna de Sus, a community part of the fast-growing Floresti metro area. One of the advantages of the project is the proximity to the A3 highway and DN1, which will represent a great entry point for county-wide shoppers. The developers recently appointed Nhood as an exclusive agent, one of the companies with an outstanding track record in urban regeneration (Coresi Brasov).
For each new apartment listed for rent there are three potential tenants. Marasti, Center, Manastur and Zorilor are the most wanted areas for rented apartments.
Other local and international developers are looking to shape the city as well. Local investor Hexagon Group is pending approval of a mixed-use development that features a commercial gallery. Prime Kapital is also pending for a PUZ for the former Cesarom platform, where the current master planning features a 75,000 sqm shopping center.
On the capital markets side, BT Asset Management recently bought a 9,000 sq m retail park, FunShop Turda. This is one of the first investments of the 2022 born fund with 32 million EUR assets under management.
The excitement for Cluj is understandable, as the city has been incredibly dynamic, attracting international companies and building national and international champions. Due to its appeal to the younger generation, the population of Cluj will likely increase, and the planned shopping schemes shall serve the city well for decades. Cluj registers the second-highest prime shopping center rents – 65EUR/sq m, after Bucharest (85 EUR/sq m). The prime yield for modern retail is 7.6%, which is a balanced take on the sustainability of the sector in the region.
SORIN GUTTMAN, Manager RIVUS
“Already at this stage, RIVUS reaches 50% leased area for the retail area, which will have 145,000 sqm. Far from being just a mall, RIVUS will bring many firsts to the region, through a concept that started from the community’s expectations and needs: the first performing arts center and the first performance hall integrated into a real estate project; the first Jumbo in Cluj – 8,000 sqm; entertainment centers for all ages, including the Hype Arena concept; the latest cinema technologies, for the first time in the region; fresh market; the largest bookstore in the country – 2,500 square meters; the most varied dining mix in the region, with over 30 restaurants and cafes; DIY anchor etc. In total, more than 400 brands, services and retail concepts, with many firsts in the fashion area. All this is supported by a mixed concept that has at its center a park of over 5.2 hectares, with the role of connection to the Someș river, accessible to the public through the urban reconversion project, which gives back to the city 14 hectares of former industrial platform in the form a lifestyle center.”
