Sonae Sierra, Caelum team up on Bucharest mall

Portuguese shopping centre specialist Sonae Sierra and Eastern European developer Caelum Development have formed a 50-50 joint venture for the development of ParkLake Plaza in Bucharest.

The new shopping and leisure centre will be located in Sector 3 on the eastern side of the Romanian capital and represent an investment of EUR 185 mln. It will offer a GLA of 67.000 m² over 200 shops, including various sport and leisure facilities. The joint venture partners said contracts have already been signed for 52% of the total GLA, with a further 13% in advanced negotiations.

ParkLake Plaza will include an international food court with more than 20 units, a 16-screen Cinema City multiplex, Cora hypermarket, Zara Home and a wide fashion offer. The centre will offer 2,700 underground parking spaces. It will serve a primary catchment area of more than half a million inhabitants within a 10-minute drive.

The centre will be designed in compliance with Sonae Sierra’s certified Environmental Management System, incorporating advanced systems to reduce electricity and water use. The complex will integrate the adjoining Titan Park.