Plaza Centers said on Wednesday that it had acquired its third retail development in Serbia and that the estimated development budget for the 40,000 m[sup]2[/sup] shopping and entertainment centre in Belgrade was EUR 105 mln.

Plaza Centers said on Wednesday that it had acquired its third retail development in Serbia and that the estimated development budget for the 40,000 m2 shopping and entertainment centre in Belgrade was EUR 105 mln.

The development is located on one of the main roads leading into the centre of Belgrade, with an estimated catchment area of 400,000 local residents. London and Warsaw-listed Plaza Centers said the site has potential for additional residential and office development as part of the shopping and entertainment centre.

This is Plaza Centers' third development in Serbia since it entered the market earlier this year. Plaza announced in August 2007 that it had won a
competitive tender from the Government of Serbia for the development of a new shopping, entertainment and business centre with a total built-up area of
100,000 m2 in Belgrade. In November 2007, Plaza said that it had entered into an agreement to secure a 24,000 m2 plot in Kragujevac for the development of a 35,000 m2 shopping and entertainment centre.

Ran Shtarkman, president and CEO of Plaza Centers, said: 'In acquiring our third development project in Serbia in only four months, we are demonstrating our firm belief in the exciting prospects for the region. The economic growth in Serbia will encourage strong demand for large-scale, mixed-use developments from commercial occupiers and visitors.'

Plaza Centers is registered in the Netherlands and describes itself as a leading emerging markets developer of shopping and entertainment centres. The company is a member of the Europe Israel Group which is controlled by Mordechay Zisser.