RED establishes a GIGANT
During the summer of 2021, RED (Rico Estate Development AB) acquired the property Betongen 1 in Östersund, which is strategically located directly adjacent to the primary entrance into Östersund and Lillänge Retail Park. In partnership with the municipality, the company has begun work on a new detailed development plan that will enable the development of more than 12,000 square metres of new retail space.
RED can now announce that the company has secured a new establishment with one of the market’s leading players in the building product segment. Overall development of the project is expected to be completed in Q1 2024 and will generate approx. 250 new jobs in Östersund.
-“Timing is everything in this industry and we are very pleased that we can now formalise our plans for the municipality at such an early stage. This is extremely strong evidence of the good relationship and trust we have with our tenant. This creates stability, clarity and security for the democratic process in preparing the detailed development plan,” says Ronald Rico, CEO of RED.
