Plaza Centers has concluded its second transaction in Romania through the purchase of a 31,800 m[sup]2[/sup] plot of land in Timisoara, West Romania. Plaza is planning to develop a 30,000 m[sup]2[/sup] shopping centre and about 20,000 m[sup]2[/sup] of new mixed retail, office and residential space adjacent to the mall. The total estimated development cost of the project is EUR 60 mln.
Plaza Centers has concluded its second transaction in Romania through the purchase of a 31,800 m2 plot of land in Timisoara, West Romania. Plaza is planning to develop a 30,000 m2 shopping centre and about 20,000 m2 of new mixed retail, office and residential space adjacent to the mall. The total estimated development cost of the project is EUR 60 mln.
The purchase follows Plaza's first Romanian deal last November involving the development of a $1bn scheme in Bucharest. 'This acquisition is Plaza's second transaction in Romania and marks a significant step in the growth of the company's presence in the region,' said Plaza's ceo Ran Shtarkman.
Plaza Centers is a leading emerging markets developer of shopping and entertainment centres. The company is an indirect subsidiary of Elbit Medical Imaging, an Israeli public company whose shares are traded on both the Tel Aviv Stock Exchange in Israel and the NASDAQ Global Market in the United States.
