S IMMO AG completes remodelling of Sun Plaza following investment of EUR 30 mln

After two years of reconstruction works, S IMMO AG completes the upgrade of Sun Plaza shopping centre in Bucharest and all reconfigured areas will be opened to the public on March 22^nd. Sun Plaza has over 20,000 sqm of the shopping centre subject to reconfiguration, out of which 11,000 sqm are comprised in a newly constructed area.

Six years after opening its doors in the South of Bucharest, Sun Plaza Shopping Center started a refurbishment process aimed to further improve the retail mix and shop count. The upgrading process of Sun Plaza started in Q1 2016 and was completed according to schedule in March 2018. The total investment value raised to EUR 30 million.

The remodelling works covered over 20,000 sqm in total, as follows: 11,000 sqm comprised in the new commercial wing, hosting over 40 new stores, plus other 9,000 sqm from the existing retail spaces which were redesigned during the process. The total number of retail units within Sun Plaza thus increased to more than 170.

“Through this upgrade we are able to sustainably increase the value of the building as well as of our portfolio and safeguard profits for the long-term”, said Friedrich Wachernig, member of S IMMO AG’s Management Board.

Over a period of 24 months, the process was divided in phases, in order to ensure the business continuity and to maintain the quality of the shopping experience.