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Arena Centar works ahead of schedule

A delegation of the TriGranit shareholders and executive management visited Zagreb today to inspect the progress in the building of “Arena Centar”, which will open its doors to visitors at the end of this year.

Representing the only larger shopping-entertainment centre to open in Croatia this year, Arena Centar is valued at €244 million, covers 175,000 square meters and will offer 60,000 square meters of retail space.

Arena Centar Zagreb

The TriGranit delegation, comprising of 19 members, some of which visited Zagreb for the first time, was led by Sándor Demján and Peter Munk. The TriGranit representatives were also received in the City Hall by a delegation of the City Council, headed by Zagreb Mayor Milan Bandic, to discuss the progress in the first phase of Arena Centar, the master plan for its future phases, as well as in general the further development of Zagreb and possibilities for future TriGranit investments.

The TriGranit representatives also undertook a tour of the multipurpose venue Arena Zagreb, which TriGranit developed in a PPP partnership together with INGRA, Zagreb City and Croatian Government.
During the Arena Centar site tour, the TriGranit delegation was given a brief and presented with the final architectural illustrations of the Centre’s large outdoor area, which will offer visitors a pleasant urban landscaped area, full of interactive sculptures, benches, a large fountain, cafes and restaurants, as well as a modern square technically equipped for outdoor events.

“We are happy to see good progress in the building of Arena Centar, which represents our flagship project in Croatia. We can already see in this first phase that our vision of creating a new and modern city centre in the Croatian capital will be truly realized,” said TriGranit chairman Sándor Demján. To date 45% of all construction works have been completed. According to the dynamics of works, by 1 May 2010, Arena Centar’s tenants will already be able to start fitting out their stores.

"We’re impressed with the cooperation, flexibility and efficiency of our general contractor – a consortium of three Croatian companies led by Mucic & Co. I can confirm that building works are 2.5 weeks ahead of schedule. The roof is already becoming visible, while in a few weeks time Arena Centar’s recognizable façade will also be visible. We’re also very happy with our leasing activities, given that over 80% of retail space has already at this stage been leased. We’re looking forward to announcing soon the brands that we will be introducing to the Croatian market. By combining shopping, leisure, entertainment, gastronomy, as well as the synergy with the Arena Zagreb venue, Arena Centar will create a new regional meeting place in Zagreb," said TriGranit CEO Árpád Török.

From the beginning of construction in July 2009, works have been carried out in two shifts. On site are currently over 450 workers in the first shift and 150 in the second, increasing day by day. Works are supervised on site by the IGH Institute and coordinated by TriGranit’s expert team.

Arena Centar will comprise of: 10 large anchor and 200 small to medium-sized stores – which will include a large number of new fashion brands; a Spar hypermarket on 10,000 square meters; a CineStar multiplex cinema with 9 screens; and many other entertainment and gastronomic services new on the Croatian market. Visitors will have at their disposal 3,500 parking lots. A novelty that TriGranit is introducing is the fact that Arena Centar will be adapted for persons with special needs.

The Hungarian majority owned TriGranit is the 4th largest fully integrated real estate development and management company in Europe (PropertyEU 2010). With operations in 7 countries in Central and Eastern Europe, a large portfolio of completed trophy assets, and a pipeline of major mixed-use developments, as well as a number of public private partnership (PPP) investments, TriGranit is well positioned to participate in the expanding real estate markets.