British property developer and investor Poseidon Group is starting construction of a retail park in the northern Serbian town of Sombor which involves an equity investment of over €10 million, the company announced today.
Poseidon Group confirmed that Sombor Capitol Park will see the creation of 200 new jobs during the construction of the project and 100 retail roles upon opening. It should welcome its first customers before spring 2017.
The demolition of dilapidated buildings on the existing brownfield site commencing before the end of January.
The Sombor retail park will contain over 6,000 sq m of retail space and will offer free parking 200 cars.
Lease agreements have been signed with Takko and Deichmann, along with final stage negotiation for the remaining units with an international fashion brand and health & beauty operator. Poseidon Group has also signed agreement with German supermarket chain Lidl and took the obligation to secure the plot next to Sombor Capitol Park.
Recreational spaces and regular events held at the site will also ensure that Sombor Capitol Park will become a new shopping hub in west Vojvodina.
With a catchment area including neighbouring Hungary and Croatia, the retail park will primarily serve the 86,000 residents of the Municipality of Sombor and surrounding Vojvodina towns.
Poseidon Group already operates one retail park in Serbia, in the western town of Sabac, and is developing another in Rakovica, Belgrade.
The mayor of Sombor Sasa Todorovic said: “I’m delighted that Poseidon Group and Lidl will develop modern retail facilities in our city to improve consumer choice and employment opportunities across the municipality. As an example of our sustainable development strategy to draw further inward investment to our corner of Serbia, I believe that Sombor Capitol Park will make a strong contribution to our local economy.”