Sonae Sierra and Caelum Development are in the process of negotiating an €80m to €90m loan for their new mixed-use project: ParkLake Plaza. The commercial center is underway in Bucharest’s Titan district. Excavation work started in late January.
ParkLake, an investment of €180m, is scheduled to open in 2016. It will include 200 shops and 2,600 underground parking spaces. The land was purchased in 2007 for €53m. However, the project was delayed because of a dispute over the suitability of the land – once a sports facility – for retail development.
