Sonae Sierra and Caelum Development secured €80m in funding from OTP Bank in Hungary, Hypo Noe Gruppe Bank Austria and OTP Bank Romania. The money will go toward the completion of ParkLake, their new Bucharest shopping center.
ParkLake is scheduled to open next spring, following an investment of €180m. The shopping center will offer 70,000 sqm in more than 200 retail units. The developers have already signed leases on more than 70 percent of the space. Tenants include the Inditex fashion brands, H&M, Koton, Maxitoys and Carrefour
