Next Prisma will be opened in Tartu in 2012
AS Prisma Peremarket, the Estonian subsidiary of the Finnish retailer SOK Corporation, will open a second Prisma hypermarket in Tartu. The hypermarket, scheduled to open in the spring of 2012, is located in the densely populated Annelinn district, next to the future Tartu Eastern Ring Road. The new retail center will be developed by the Finnish Vicus.
Prisma will be located in a new retail center which is being developed by the Finnish real estate investment fund VCA Baltic Retail. In addition to the hypermarket, the retail center will accommodate several specialty stores. Estonian AS Oma Ehitaja is in charge of the design and construction works and the project will be supervised by OÜ AE Projekti Insener.
Total area of the new retail center will be approx. 13,500 sqm, of which Prisma’s sales area will account for 8,400 sqm. 650 parking places will be available for the customers.
Currently AS Prisma Peremarket operates seven hypermarkets in Estonia. Company´s aim is to continue with expansion.
Last year Prisma Peremarket´s market share in Estonia grew remarkably, says Mr. Janne Lihavainen , Managing Director of AS Prisma Peremarket. Quick growth in Narva and Tartu does give us confidence to continue with expansion in the biggest cities of Estonia.
The developer of the shopping center, VCA Baltic Retail, is an investment fund focusing on retail properties and property development in the Baltic countries. VCA Baltic Retail belongs to Vicus group which is active in the Baltic countries, Russia and Ukraine. Vicus’s funds’ investments include the Prisma hypermarket in Narva, Estonia, opened in October 2010, and the development of the Prisma hypermarket in Riga, Latvia, which is to open in the summer 2012.
The Tartu property is an excellent complement to our portfolio of high-quality retail properties in strong locations, leased to the leading hypermarket operator in the market, says Mr. Risto Hiekka , CEO of Vicus Capital Advisors Limited, the management company of VCA Baltic Retail.
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