Business
Acquisition in Romania
Acquisition in Romania.
About this update from Plaza Centers N.v.
[{"type":"text","content":"\n Plaza Centers N.V.\n11 March 2008\n\n\n\n\n11 March 2008\n\n\n PLAZA CENTERS ACQUIRES ITS SEVENTH PROJECT IN ROMANIA\n\n\nPlaza Centers N.V. ('Plaza' or the 'Company'), a leading emerging markets\nproperty developer, today announces that it has acquired a 31,000 sqm site in\nTargu Mures, Romania, to develop a significant shopping and entertainment\ncentre.\n\n\nThe modern, western style centre will have 32,000 sqm of lettable retail space,\ncomprising more than 120 units. The site will also include 2,600 sqm of office\nspace and 1,000 car parking spaces. The proposed development is ideally located\nnear to the city centre, close to the main road that links to the neighbouring\ntowns of Cluj Napoca and Alba Iulia.\n\n\nThe development project is expected to cost approximately EUR 75 million.\nConstruction is expected to start in late 2008 with a completion target of the\nend of 2010.\n\n\nThe city of Targu Mures is located in North Central Romania, 280 km north west\nof Bucharest. The city has a population of 160,000 people and benefits from a\nstrong local economy, with a history as the industrial centre of the region.\n\n\nThis acquisition represents Plaza's seventh development scheme in Romania since\nit acquired its first project in November 2006. The Company's other schemes in\nRomania include its developments at Slatina, Iasi, Timisoara, Miercurea Ciuc,\nHonedoara and, most significantly, its landmark Casa Radio scheme in the heart\nof Bucharest, which comprises more than 500,000 sqm of built area including\nshopping, leisure, office and conference facilities. In total, Plaza is now in\nthe process of developing over 750,000 sqm of retail and leisure space across\nthe country, with anticipated completion dates ranging from 2008 to 2012.\n\n\nCommenting on the deal, Ran Shtarkman, President and CEO, Plaza Centers N.V.\nsaid:\n\n\n'With a catchment area of 580,000 people within a 30 km radius of this planned\nproject in Targu Mures, we see this as an excellent opportunity to offer a new\nshopping and entertainment experience for people who previously have not had\naccess to such high quality facilities.\n\n\n'We continue to see strong demand from both tenants and shoppers for this type\nof project in Romania and we continue to look for further opportunities in the\narea and across the rest of our target markets.'\n\n\n\n E...