RED signs an agreement with BAUHAUS in Östersund

RED Rico Estate Development AB has signed an agreement with BAUHAUS for a new establishment.

RED acquired the Betongen 1 property in 2021. Since last autumn, RED and the city of Östersund has been involved in a detailed planning process with the aim of developing a new detailed plan for the area, that enables an exploitation of a total of 12,000 sq.m.

RED confirms that the company has signed an agreement with the german home improvement retailer giant BAUHAUS. The agreement is subject to the approval of the detailed development plan. The  project is expected to be completed during Q1 2024 and is estimated to generate about 250 new jobs to Östersund.

-“I cannot but express my gratitude and pride for the confidence our tenant has in us. We are in the process of completing BAUHAUS new store in Umeå this year and have previously delivered a large BAUHAUS in Malmö. Being able to shake hands with BAUHAUS again, this time regarding Östersund, is proof of our ability as property developers. We are looking forward to proceed in the process together with the city of Östersund, and hope that the detailed development plan is completed next spring as scheduled”, says Ronald Rico, CEO of RED.