Sonae Sierra takes over Caelum Development’s 50 pct stake in ParkLake, now fully owns the mall

Sonae Sierra has purchased the 50 percent participation in ParkLake mall of its former Joint Venture partner, in a move to consolidate its presence in Romania. Previously owned in a 50/50 JV between Sonae Sierra and Caelum Developments, ParkLake is now fully owned by Sonae Sierra, which will now support the company’s growth on the Romanian market.

ParkLake’s quality and performance has proven its flagship and dominant position in the country. The outstanding quality of ParkLake’s retail space of 70,000 sqm, with more than 200 shops, is shown by the over 98 percent leased GLA, including many top tenants.

Opened in September 2016, with an investment of EUR 180 million from the JV partners, ParkLake serves a catchment area of over 1.4 million inhabitants and until the end of October 2018 it has registered a double digit increase in footfall and sales, versus the first 10 months of 2017.

”We’ve acquired Caelum Developments’ JV participation in ParkLake as a move to consolidate our position in the Romanian market, where we intend to grow. This transaction is proof of our trust in a continuous positive performance of such a highly-desired asset. ParkLake has become a landmark in Romania, and we believe that we will further improve the value of a shopping centre that is mentioned as a reference in the country,” said Thanos Efthymiopoulos Sonae Sierra, Managing Director, responsible for Investments, Asset Management and Finance for Romania and Greece.

ParkLake shopping centre combines the park’s surrounding nature with a family neighbourhood environment, creating an unforgettable experience. The centre is a destination, offering the best customer experiences, where visitors are presented with innovative retail and leisure concepts, and a unique set of tenants.

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