IULIUS STRENGTHENS ITS MARKET LEADER POSITION IN ROMANIA. THE COMPANY JOINS FORCES WITH ATTERBURY EUROPE
IULIUS and Atterbury Europe have established a joint financial fund, with equal participation shares (50/50) for the development of the mixed use project Openville Timisoara, as well as other development projects to be started. Moreover, the partnership with Atterbury Europe will contribute to supporting the consolidation strategy on the regional level of the mall network created under the IULIUS MALL brand, by the joint holding, 50% each, of the shares pertaining to IULIUS MALL IAŞI, IULIUS MALL TIMIŞOARA, IULIUS MALL CLUJ and IULIUS MALL SUCEAVA. The partnership will fundamentally strengthen IULIUS’ dominant position on the Romanian market and accelerate the development pace of the regional projects, both the on-going as well as the future ones.
Atterbury Europe is a European real estate investment company with an emphasis on co-investing with local partners who are leaders in their jurisdictions, with access to a development pipeline that can be accelerated. Romania is Atterbury Europe’s third investment jurisdiction after successful acquisitions in Serbia and Cyprus.
The agreement between IULIUS and Atterbury Europe marks the start of a strong business relationship which targets new real estate developments in Romania. “During the last 17 years, IULIUS has dedicated its efforts to achieving landmark regional projects for the sustainable development of communities, and the agreement with Atterbury Europe holds a significant role in the acceleration of this strategy. Our joint venture combines the know-how and dominant position we hold in the Romanian market, with the financial strength and experience in property management of this prestigious international group. We share the same business vision and we are confident that together we will strengthen our development strategy, adding value to our portfolio and implementing new landmark projects”, stated Iulian Dascălu, President of IULIUS Company.
“Atterbury Europe’s investment strategy is to invest alongside the “best of breed” in the countries we choose to invest in. We are delighted that our presence in Europe together with our South African ties have led to the joint venture with the IULIUS GROUP in Romania”, said Henk Deist, CEO of Atterbury Europe.
“We share a similar culture and passion for the development of high quality real estate projects, specifically in the “mixed use” space, and we look forward to working with the IULIUS GROUP to reach new heights together”, comments Louis van der Watt, CEO of Atterbury Property Holdings in South Africa.
IULIUS’ portfolio will continue to be managed by the same team of specialists in property management.
Founded in 1991, IULIUS is the only Romanian developer and operator of mixed use projects, with an operational portfolio that entails more than 260,000 sqm of retail space, and 106,000 sqm of office space.
The company has created the IULIUS MALL national network that includes four regional shopping malls (in Iaşi, Timişoara, Cluj-Napoca, Suceava) and the urban mixed use project Palas Iaşi. With an annual footfall of more than 66 million visitors, the company projects are market leaders on a regional level. In terms of the office segment, IULIUS is one of the largest developer and operator of office space, counting nine A-class buildings integrated in mixed use projects, built according to the LEED standards, under the United Business Center brand.
IULIUS is currently developing the Openville project in the vicinity of Iulius Mall Timişoara. This is the second mixed use project in the company portfolio, after Palas Iaşi. Openville will be a complete destination, iconic for Timişoara, being the largest business, shopping and entertainment center in west Romania.
Openville offers a synergic combination of more than 130,000 sqm of office premises in seven office buildings, 131,000 retail sqm, more than 450 stores, restaurants and themed cafés, a multiplex cinema, a fresh market area and four events halls. Moreover, the people in Timişoara will also enjoy the largest suspended park in Romania, a green space spanning on over 55,000 sqm, and 4,050 underground and multi-level parking spaces.
About Atterbury Europe
Atterbury Europe is jointly owned by Atterbury Property Holdings in South Africa, private equity investors and Steinhoff International Holdings through its subsidiary Hemisphere International Properties.
Atterbury Property Holdings was founded in 1994 in Pretoria, South Africa. Over the past 23 years, Atterbury has become a leading name in property investment and development in South Africa, across the African continent and beyond. It began as the driving force behind several landmark South African property developments. More recently it has built a sterling reputation for being able to replicate its success outside South Africa, and in vastly different cultures. It has developed more than 1.5 million sqm of commercial, retail and residential properties, and the property management division manages more than 800,000 leasable sqm.
During 2014, Atterbury Property Holdings decided to co-invest with Steinhoff International in Atterbury Europe to focus on shopping center investments and retail development opportunities, particularly in the nascent eastern European region found in full development. The investments made so far are in Cyprus, Serbia, and now Romania.
Steinhoff International is an integrated retailer that retails, sources, and manufactures household goods and general merchandise in the United Kingdom, Europe, the USA, Africa and Australasia. Retail operations are positioned towards price conscious (value) consumer segments, providing them with affordable products through a vertically integrated supply chain. The Steinhoff Group’s property portfolio remains a key strategic component in securing a relevant infrastructure and store network for its integrated retail businesses.
Steinhoff International has a primary listing on the Frankfurt Stock Exchange and a secondary listing on the Johannesburg Stock Exchange, and has a current market capitalization of approximately €20 billion.