Construction works at ParkLake Plaza to start in July

Caelum Development announced it would start construction works at the ParkLake Plaza project in July of this year. The project now stands at EUR 250 million, following a redesign in 2010.
Caelum Development entered the local market in 2006 when it acquired a 8.2 hectares land close to Titan Park in the 3^rd district of Bucharest. The group obtained the necessary approvals to build a five-floor commercial center with a rentable surface of 110,000 sqm.

The project will be built in two stages which will include a total rentable space of 79,000 sqm for recreational commercial activities.
 ParkLake Plaza is expected to reach a primary catchment area of 450,000 inhabitants. The center is currently 35 percent pre-leased by a Cora hypermarket, a 16-hall Cinema City complex, a Flanco store, a Douglas outlet and a Pure Fitness center. Another 30 percent of the space is being negotiated.
 Caelum has obtained the construction permits for the first phase which has 67,000 sqm of rentable space.