Plaza Centers builds EUR 25 million mall in Miercurea Ciuc

Newsroom 10/06/2008 | 15:55

Plaza Centers has planned 15 malls for several Romanian cities, with works having started in seven of them: Bucharest, Hunedoara, Iasi, Targu – Mures, Slatina, Miercurea – Ciuc, and Timisoara. The developer was to invest EUR 2 billion in Romanian projects in the next couple of years, according to previous announcements.
Plaza Centers' Radio House project in Bucharest is expected to be worth EUR 761 million upon completion, according to the company's most recent financial report. Its estimated value upon completion has increased by around EUR 110 million from June last year, when it was evaluated at almost EUR 650 million. The project's current value is EUR 191 million, land included, according to the evaluation by King Sturge at the end of last year.
Plaza Centers owns 75 percent of the Radio House project, a mixed development built in public-private partnership.
The company's second most valuable project upon completion will be Iasi Plaza, estimated to be worth EUR 239 million, followed by Timisoara Plaza, worth EUR 227 million.
Plaza Centers has seven projects underway in Romania, totaling 587,000 sqm of retail and mixed-use area, according to the developer's latest financial report. Apart from the Radio House project, where construction works started last year, Plaza Centers has also started work on a 14,000-sqm shopping and entertainment scheme in Miercurea Ciuc. Four other retail projects in Iasi, Timisoara, Slatina, Hunedoara and Targu Mures are in the planning phase. The biggest of these are Timisoara Plaza and Iasi Plaza, each covering some 71,000 sqm. The others cover 20,000 sqm to 30,000 sqm each.
Corina Saceanu

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