Plaza Centers has taken its first steps into the Serbian market by winning a competitive tender for a new shopping, entertainment and business centre in Belgrade. The leading emerging markets real estate company will develop the scheme on a 100,000 m[sup]2[/sup] site on the capital city's main thoroughfare.
Plaza Centers has taken its first steps into the Serbian market by winning a competitive tender for a new shopping, entertainment and business centre in Belgrade. The leading emerging markets real estate company will develop the scheme on a 100,000 m2 site on the capital city's main thoroughfare.
The acquisition marks the first major retail or commercial investment in the city, which was recently voted 'City of the Future in Southern Europe' by the Financial Times newspaper. Plaza CEO Ron Shtarkman said: 'We look forward to playing a part in the delivery of a new commercial and cultural centre for Belgrade, which we hope will attract a range of high-quality international and domestic tenants and thereby unlock the considerable potential of the Serbian market.' The project, which will make use of a local developer and be managed by Plaza, is expected to have a gross development budget of EUR 150 mln.
Plaza Centers, whcih is registered in the Netherlands, is an indirect subsidiary of Elbit Medical Imaging Ltd. (EMI), an Israeli company whose shares are traded on both the Tel Aviv Stock Exchange and the Nasdaq Global Market in the US. EMI, in turn, is a member of Mordechay Zisser's Europe Israel group of companies.
