Emerging markets developer Plaza Centers has acquired a major retail development project in Iasi, Romania, the company's fourth in the country since starting operations there in November 2006. The acquisition price was not disclosed, but Plaza Centers said the expected development budget for the project is EUR 115 mln.
Emerging markets developer Plaza Centers has acquired a major retail development project in Iasi, Romania, the company's fourth in the country since starting operations there in November 2006. The acquisition price was not disclosed, but Plaza Centers said the expected development budget for the project is EUR 115 mln.
Plaza Centers said the development occupies a plot of 46,500 m2 and will encompass 54,000 m2 of retail space, 15,000 m2 of office space and 1,400 parking spaces. The deal also includes an option to develop 70,000 m2 of residential accommodation, which Plaza Centers said it might consider selling to a third party. The centre should be completed in 2010.
Iasi is located in northeast Romania and has a population of over 340,000. It is located within a larger catchment area of 820,000 people.
The company also has development schemes under way in Timasoara, Miercurea Ciuc and, most significantly, in Bucharest. The Casa Radio scheme in Bucharest is valued at over EUR 1 bn and is the largest development plot available in the Romanian capital. The project comprises a 132,000 m2 shopping mall and leisure centre, an extensive residential area, hotel, casino, hypermarket, convention and conference hall, along with two 135-metre tall towers of 53,000 m2 each.
