IULIUS strengthens its market leader position in Romania. The company joins forces with Atterbury Europe
* the 50/50 joint venture is entered into with Atterbury Europe * the joint venture to accelerate the development strategy of IULIUS * a rapid development pace of Openville Timisoara, as well as future projects * strengthening of the Iulius Mall network on a regional level
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
The Atterbury Group (Atterbury Property Holdings (Pty) Ltd or “Atterbury”) was founded in 1994, South Africa by Louis van der Watt and Francois van Niekerk, with a primary focus on developing retail centres and commercial buildings. Over the past 23 years the Atterbury Group has developed prime commercial, retail and residential property across South Africa, the rest of the African continent and more recently, Europe.
The European expansion gathered momentum in 2014 when Atterbury co-invested with a consortium of private equity investors in forming Atterbury Europe B.V. (“Atterbury Europe”). The platform’s success is evident two and a half years later through the combined holding of shares in real estate companies worth more than Euro 400 million spread over three countries mainly consisting of dominant shopping centres in prominent locations. The team is furthermore promoting growth in value through the continuing expansion of the development pipeline in both Serbia and Romania.