Plaza Centers is to develop a 25,000 m[sup]2[/sup] shopping and entertainment centre in the southern Romanian town of Slatina. The developer said the 20,000 m[sup]2[/sup] site it acquired in the town comes with an option to build about 10,000 m[sup]2[/sup] of residential accommodation, which Plaza may consider selling to a third party. Plaza's total investment in the Slatina scheme is expected to be approximately EUR 24.5 mln.

Plaza Centers is to develop a 25,000 m2 shopping and entertainment centre in the southern Romanian town of Slatina. The developer said the 20,000 m2 site it acquired in the town comes with an option to build about 10,000 m2 of residential accommodation, which Plaza may consider selling to a third party. Plaza's total investment in the Slatina scheme is expected to be approximately EUR 24.5 mln.

The Slatina project is Plaza's fifth development in Romania since it commenced operations in the country in November 2006. The Company's other schemes in Romania include projects at Iasi, Timisoara and Miercurea Ciuc. Its landmark Casa Radio scheme in the heart of Bucharest comprises more than 500,000 m2 of built space for shopping, leisure, offices, conference facilities and parking. 'We believe the Romanian property sector is set to enjoy a long period of steady growth, backed by growing demand from occupiers and increasing interest from international investors in institutional grade assets in the region,' Plaza's ceo Ran Shtarkman said.