UK-based commercial and residential property developer Poseidon Property has said it plans to invest 15 million euro ($18.3 million) in the opening of retail parks under its Capitol Park brands in Serbia in 2018.
Poseidon plans to expand its network through south and eastern Serbia including Leskovac and Zajecar with about 240 job openings, the company said in a statement on Wednesday.
Capitol Park Leskovac will open by the end of this year with around 6,500 square metres of retail space in the first phase and a tenant mix that fits local market needs including a hypermarket, fashion, footwear and sports equipment stores, the company said.
The beginning of 2019 will see the opening of Capitol Park Zajecar located in the city centre with 9,000 square metres of retail space, Poseidon noted.
“Over the past three years, three retail parks were successfully opened to employ over 800 people. With our Capitol Park brand, Poseidon Property will strive to become a retail leader in the region with a plan to expand to a total of ten retail parks in Serbia and acquisitions in other markets,” the Poseidon Group corporate affairs director James Gunn said in the statement.
Moreover, by the end of 2018, Belgrade’s Capitol Park Rakovica will open a further 2,150 square metres providing around 60 new jobs for local residents, the company added.
Elsewhere in Southeastern Europe (SEE), Poseidon Property is present in Croatia and Slovenia.