Plaza Centers gets green light for Timisoara project

CEE retail developer Plaza Centers has received the building permit to develop Timisoara Plaza, a 37,000 m2 GLA shopping and entertainment centre in Timisoara, western Romania.

A binding financing offer has also been agreed with the Hungarian Export-Import Bank (Exim bank) for around 65% of the project cost.

Situated close to the Hungarian border, Timisoara has a population of 320,000 inhabitants and a catchment area of 700,000. The new development will comprise around 120 retail units, including a hypermarket complex, international fashion retailers, a leisure and entertainment centre, and food court.

Construction is expected to commence on the project in autumn 2015 with completion expected during the first half of 2017.

Ran Shtarkman, President and CEO of Plaza Centers, said: 'After a busy period of transactions, we have now sold a number of our non-core assets and recycled the capital available, after bondholder repayments, into projects that will support income growth and deliver future value.'

Earlier this month the CEE retail developer received a building permit to develop Belgrade Plaza, a 32,000 m2 shopping and entertainment centre in old Belgrade.