Caelum starts development of Bucharest mall

Irish group Caelum Development has started construction of ParkLake Plaza, its first project in Romania.

The development, whose construction is expected to take two and half years, comprises 67,000 m² of GLA offering 200 retail units in Titan, Bucharest. A company spokesperson declined to reveal details on Wednesday about the expected construction cost.

ParkLake Plaza is expected to create more than 3,000 jobs during construction and a further 2,500 jobs in the centre after opening.

With a primary customer catchment of over 450,000 inhabitants, the scheme will include kids play areas, a 16-screen Cinema City, a Pure Fitness Center and outdoor tennis courts, and a Cora hypermarket.

Caelum Development's CEE offices are located in Warsaw, from which the company manages a portfolio of 19 retail schemes located across Poland.