Sonae Sierra signed a new joint-venture agreement with the Irish developer Caelum Development on the stalled ParkLake Plaza project. The developers plan to invest €185m in the shopping center, which will go up in Bucharest’s Titan area. No start date has been announced.
This is the second-joint venture agreement between the two companies on the project. The first one, signed in 2008, was canceled. Caelum Development then announced last year that it will start construction, but work on the site continued to lag.
The ParkLake Plaza project, first announced in 2007, was supposed to be the largest shopping mall in Bucharest. At that time, Caelum Development was planning to invest €500m in the project, which was initially supposed to have a GLA of 110,000 sqm.
The plan has now been downsized to 67,000 sqm in 200 retail units. The tenant list includes a Cora hypermarket (15,000 sqm), a Cinema City multiplex and fashion retailers like H&M, Mango, Zara, Oysho, Pull & Bear, Stradivarius, Massimo Dutti and Bershka.
