Shopping mall project on Ada Huja, financed by BRIF Balkan Reconstruction Investment Fund, to be worth 80m EUR !

Editors of eKapija have recently talked with the representatives of the investor of future Business center on Ada Huja in Belgrade - BRIF Balkan Reconstruction Investment Fund from Luxemburg ( www.brifgroup.com ).

This text is about what Belgrade and citizens of Belgrade will soon get.

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Namely, BRIF Balkan Reconstruction Investment Fund entered the process of acquisition of project for development of Shopping mall in 2007. This trade center will be situated only five minutes of driving away from the city core of Belgrade. That acquisition also included building permit.

According to the investors, the Trade center on Ada Huja will be the real shopping mall of western type in Belgrade, the city whose offer of shopping malls is very poor if we have in mind that it has 2m citizens and especially if we compare it with other capitals of central and east Europe. For example, Budapest, which also has 2m citizens, has 24 such shopping malls!

The Shopping Mall project includes two retail facilities at gross surface of about 57,000 square meters with more than 2,000 parking places.

The Shopping mall will also include a hypermarket, as well as shopping center where over 200 different companies will be offering their goods and services. What is very interesting is the fact that many French wholesale companies contacted BRIF recently and expressed great interest in their activities in the Center.

The investors are sure that this project will contribute to greater dinamics of the Belgrade and Serbian market by introducing new trademarks, and it will also help the economy sector by introducing numerous local building companies and other enterprises from Serbia in such project.

Total value of the project is today estimated to 80m EUR.

We spoke to Laurent Nagy Revesz, the CEO of BRIF Management.

- Mr. Revesz, who is running this project on behalf of the investor ?

The project carrier is BRIF Tres Ltd., which is 100% owned by BRIF. The project in Belgrade will be run by Ložikorp Ltd., BRIF's consulting company, in association with the assistants.

- When do you expect that the facility will be completed ?

We plan to open this Shopping mall in 2010.

- Has the part of previous technical and analytic documentation been completed yet?

What has been completed is the following project documentation: Urbanistic project for construction of Shopping mall on Ada Huja; Preliminary Shopping mall project on Ada Huja; Project for preparation works and organization of terrain for facility of Shopping mall "Ada Huja"; Land recultivation project; Previous Energy Optimization Justification Study for Shopping mall on Ada huja.

The main project for construction of Shopping mall "Ada Huja“ has also been completed, as well as technical inspection.

All projects have been elaborated by the architects from Belgrade.

- How many phases will the whole project have ?

The project for development of Shopping mall will be probably implemented in two or three parallel phases. The first phase, which is in progress, includes preparation works. The second phase is construction of facilities of Shopping mall with accompanying contents. The third phase is construction of Nova Dunavska Street with related infrastructure.

- Have you provided all required licenses and permits, is there any unresolved problem of the kind ?

Ložikorp has approached the process of collecting licenses and consents, which are necessary for such big project, in a serious and professional manner.

- Have you already selected some contractors, subcontractors and suppliers of equipment for this project ?

BRIF has decided to hire local subcontractors for realization of the project. The main contractor has already been chosen - Gemax from Belgrade.

- Which are the special terms that you demand from the contractors ?

There are no special terms. However, all companies have been selected on the basis of their experience, seriousness and professionalism.

- What else are you proud of when it comes to this project ?

This project is unique in our country. It is designed as the energy efficient (in the largest possible scope), in accordance with the recommendations from the previous energy optimization justification study, so that the consumption of all resources have been significantly reduced by means of various architectural measures.

- What are the next steps, is this only the first phase of some greater investment or idea ?

BRIF is the investment fund that is completely dedicated to the real estate project development in Serbia and, therefore, we are of the opinion that the Shopping mall project on Ada Huja is only the first in the series of future investments in this country.

- Have you, at any moment, regretted entering realization of this project ?

Not at all. On the contrary. The quality of the project, the prospects for development and for improvement of economic and political situation in Serbia are now more encouraging than ever.

- Is there any other project that the Fund currently works on ?

BRIF is the real estate investment fund founded in 2006 whose primary field of work is the development of real estate projects in Serbia and Montenegro. The Fund is financed by prestigious investors from London. The Fund's adviser (investment councilor) in Serbia is company Ložikorp Ltd. led by Mr. Goran Pavlović.

- Would you please present us the Fund in short

We are very proud of our web site. Therefore, take a look at www.brifgroup.com.