Sonae Sierra to start construction of ParkLake commercial centre in Bucharest next year
The Portuguese company Sonae Sierra, which has cashed out last year EUR 1.5 million from the rents in Rivel Mall in Ramnicu Valcea announced that in 2014 it will start the development of the mall ParkLake in the district of Titan in Bucharest.
„During the year of 2012, we closed the deal with Caelum Development for the development of ParkLake in Bucharest. The construction will start in 2014 and the centre will include 200 stores, targeting an area of approx. half of million persons. The project, representing an investment of EUR 185 million, has already signed leases for 52% of the total of 67,000 sq. m rentable area. “, the annual report of the Portuguese developer showed.
The project was announced more than five years by Caelum Development, which estimated an investment of approx. EUR 500 million for an area of 110,000 sq. m. In 2008, Sonae Sierra associated with Caelum for the project development, then left the association and finally re-associated again in 2012.
ParkLake Plaza will be located on Liviu Rebreanu Blvd., near Titan Park, on a 8.2 ha plot of land, bought by Caelum Development in 2006.
Caelum announced to start the works two years ago. Since then, no other official information was available, but according to the market information the works were stopped since last year. ParkLake Plaza will include an area with international restaurants with more than 20 units, a Cinema City multiplex with 16 cinema halls, a cora hypermarket on 15,000 sq. m Pure Fitness, Flanco, Douglas, Zara Home and more fashion stores such as H&M, Mango or Zara.
Sonae Sierra has 51 commercial centres , is present in 11 countries and manages more than 70 such projects with a market value of EUR 6.5 billion and with a total rentable area of more than 2.2 billion sq. m.
In Romania, the company owns the River Mall in Râmnicu Vâlcea with an area of approx. 12,000 sq. (sursa: zf.ro)