Plaza Centers, the emerging markets property developer, has acquired a 41,000 m[sup]2[/sup] site in the Transylvania region of Romania for the development of a shopping and entertainment centre.
Plaza Centers, the emerging markets property developer, has acquired a 41,000 m2 site in the Transylvania region of Romania for the development of a shopping and entertainment centre.
The retail complex in the city of Honedoara will provide 20,000 m2 of lettable space. The development project is expected to cost approximately EUR 37 mln. Construction is due to start in mid-2008, with completion planned for the first quarter of 2010.
This is Plaza's sixth development in Romania since November 2006. In total, Plaza is now developing over 700,000 m2 of retail and leisure space across the country, with anticipated completion dates ranging from 2008 to 2012.
Plaza Centers has dual listings in London and Warsaw, and is an indirect subsidiary of Israeli public company Elbit Imaging.
