London-listed Plaza Centers has entered into a joint venture partnership with Bas Development (Bas) to develop residential and office projects in Romania. Plaza, which describes itself as an emerging markets property developer, said it will own 50.1% of the joint venture company and Bas will hold the rest. The new company will acquire Bas' ownership in five existing residential and office developments for EUR 6.9 mln, while Bas will retain responsibility for the project management.

London-listed Plaza Centers has entered into a joint venture partnership with Bas Development (Bas) to develop residential and office projects in Romania. Plaza, which describes itself as an emerging markets property developer, said it will own 50.1% of the joint venture company and Bas will hold the rest. The new company will acquire Bas' ownership in five existing residential and office developments for EUR 6.9 mln, while Bas will retain responsibility for the project management.

The five projects are located in Bucharest, Brasov and Ploiesti, three of the largest cities in Romania which are poised for significant growth, thanks to the economic impact of the EU. 'In the future, the joint venture company will work to identify and secure additional residential and office development opportunities in these and other large cities in Romania,' Plaza said in a statement.

Bas is a private company which is active in the Romanian property market and which operates primarily in partnership with Aura Investments, an Israeli-listed investment and management company.

Ran Shtarkman, CEO of Plaza Centers said: 'Our main focus of activity will continue to be shopping and entertainment centres. However, we believe the opportunity to gain a position in Romania’s fast growing residential and office markets, at little cost and risk to Plaza, will generate a profitable
return as we strive to generate increased shareholder value'.

Plaza has developed and sold 26 projects in the CEE since 1996. It is a member of the Europe Israel Group of companies controlled by Mordechay Zisser.