Plaza Centers, a developer focused on Central and Eastern Europe, said it has agreed to purchase a 24,000 m[sup]2[/sup] plot in Kragujevac, Serbia for a planned shopping centre and entertainment centre development. Excepted development costs for the project, which is expected to comprise a total built area of 35,000 m[sup]2[/sup] and 875 parking spaces, total EUR 55 mln.

Plaza Centers, a developer focused on Central and Eastern Europe, said it has agreed to purchase a 24,000 m2 plot in Kragujevac, Serbia for a planned shopping centre and entertainment centre development. Excepted development costs for the project, which is expected to comprise a total built area of 35,000 m2 and 875 parking spaces, total EUR 55 mln.

This is Plaza´s second acquisition in Serbia. In August, the group won a competitive tender from the government of Serbia for the development of a new shopping, entertainment and business centre in Belgrade with a total built-up area of about 100,000 m2. Plaza will partner with a local developer for that project, which has an estimated gross development budget of EUR 150 mln.

‘Serbia is poised to experience strong economic growth which, we believe, will generate strong demand for large-scale, mixed use developments from commercial occupiers and visitors alike,’ Plaza Centers chief executive Ran Shtarkman said in a statement. ‘This, combined with growing investment interest in institutional grade commercial property assets in Serbia from international investors, should leave us well positioned to deliver strong returns to our investors.’

Earlier this week, Plaza said that it also plans to extend its Dambovita Centers development in Bucharest. That project, which will include the so-called Bucharest Wheel offering visitors a unique panoramic view of the city, is now estimated to cost up to EUR 600 mln.