Real estate As it eyes growth opportunities in the Balkans, Colliers has announced two new deals in Albania and Montenegro.
Atlas invests in Montenegro olliers has announced that it will be the exclusive agent for the Atlas Capital Center, the biggest mixed-use project in Montenegro. The joint venture in the capital, Podgorica, is owned by the Atlas Group and Capital Investment of the United Arab Emirates, and will feature residential, retail and office units. The total built-up area of the project will be 85,000 square meters in a land area of 13,850 sq.m. It will feature 28,550 sq.m. of office space, 13,750 sq.m. of residential space and 13,900 sq.m. of retail space. There will also be 31,529 sq.m. of garage space, with 1,112 parking spaces. The Atlas Capital Center will be located in the central business district (CBD) of Podgorica, on Cetinjski Road. The area is considered the most prestigious and desirable business and residential area in the capital due to its close proximity to downtown Podgorica and its great accessibility. The center is due to open in 2010. Colliers International Montenegro and Colliers International Greece are undertaking the project.
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CityPark, Albania’s largest shopping center, prepares to debut he retail market in Albania is in the midst of expansion, giving developers, retailers, and shoppers alike a great deal to look forward to. CityPark occupies a central role in this development and will be the largest shopping mall in Albania. AM Group, owner of CityPark, was founded by Artan Mene in 1991 and its brands Deka and Olim are market leaders. Colliers was brought on board by AM Group as real estate consultant, exclusive leasing agent, and property management service provider. CityPark, with an aggregate gross leasable area of 40,000 square meters, provides enough space for over 150 retailers. The main anchors will include a supermarket and an electronics center, while the mall will also feature leisure facilities and a kids’ center. As CityPark is located along the Tirana-Durres national road, a main transportation artery in Albania, and is only 15 kilometers from Tirana, it enjoys excellent visibility and accessibility with ample parking to
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accommodate over 3,000 vehicles. Its catchment area includes Tirana, Durres, and the surrounding suburban communities, with a combined total population of approximately 1.5 million. CityPark is expected to open to the public in early 2010. Colliers International Southeast Europe has been chosen as the exclusive leasing agent for
the biggest shopping center in Albania, CityPark Tirana. Dimitris Voutsas, director of Retail Services for Colliers International Hellas, said, ‘The Albanian market has acquired the institutional and financial standards of a modern economy and we are of the opinion that the first international companies to establish their pres-
ence in the Tirana retail market will have immense benefits.’ Philip Bay, regional director of Colliers International Southeast Europe, added, ‘We are delighted to be working with market leaders AM Group on this fantastic shopping center which will set new standards for excellence in retail in Albania.’
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