Vitantis Shopping Center (Sold)

The Vitantis Shopping Center is a prominent retail centre on the outskirts of Bucharest, Romania, comprising ca. 38,000 sqm of GLA and occupying a 79,457 sqm land site. Revetas acquired the asset in December 2013 and has managed and invested in a number of capex initiatives to support the lease-up and anchor tenant extension/expansion process, building upgrades, infrastructure improvements and traffic management.

The Vitantis Shopping Center is located in sector 4, in the south-eastern part of the city- one of the most densely populated areas of the capital – and was one of the first shopping centres to open in this part of the city. The asset is located between two of the largest residential neighborhoods in Bucharest, Berceni (to the south) and Titan (to the east), in the immediate vicinity of two major traffic arteries: Splaiul Unirii and Şoseaua Vitan-Bârzeşti, next to the capital’s main second-hand car trading centre and one of the largest in Europe. Vitan-Barzesti is one of the busiest avenues in Bucharest.

The first generation 38,000 sqm GLA multi-let retail scheme spreads over two floors, measuring 15,435 sqm over the ground level, respectively 9,194 sqm over the first level, and is accessible through two main entrances on either side, which direct the pedestrian traffic from the parking lot directly into the mall. The mall also has an L-shaped configuration, built around the hypermarket area, with the long side housing the main corridor in front of the hypermarket, while the shorter side accommodates a small piazza and the escalators facilitating the access to the shopping area on the first floor. The immediate vicinity is rich in facilities, including the largest hotel in Romania, and benefits from convenient access to public transport with four bus lines.

The property was sold in 2022, marking the completion of a successful repositioning and revival of the retail scheme into a large-scale neighbourhood power centre focused on home, convenience and grocery products, with long-term leases secured. The sale of Vitantis sets a new benchmark in the market as the first retail transaction in Romania to be completed after COVID 19 in an open market process, following a record breaking lease-up program to a mix of successful retail operators.

The Vitantis Shopping Center was one of most ambitious investments Revetas undertook in 2014 and a showcase of a successful turnaround of a “first generation” shopping center located in one of the most competitive submarkets of the Romanian capital city.

During the ownership period, Revetas has successfully delivered on its investment mandate by focusing on the full repositioning of the asset as a large-format family shopping experience catering to the local community, hosting a select mix of major, well-known operators and offering a wide range of convenience and home related product assortments to its large catchment area.

Following the successful completion of the leasing program, Revetas has implemented a wide range of asset management initiatives and made significant improvements to the retail park, while remaining a stable partner to the community. The Vitantis Shopping Center is currently benefitting from substantial improvements in the overall accessibility, including the state-of-the-art parking system, strongly focusing on creating a superior shopping experience for customers while continuing to optimize the tenant mix.