The Romanian shopping center developer EMCT and the Austrian-based company Sparkassen Immobilien, Erste Bank Group's listed real estate investment company, with the support of Bucharest's Mayor, Mr. Adriean Videanu, and Bucharest's 4th district Mayor, Mr. Adrian Inimaroiu, officially launch Sun Plaza, the first shopping mall in Romania integrating a hypermarket in the stores mix. According to the officials of the two companies, the building permit was already obtained, so that the construction works will start in December 2006. Sun Plaza will open in Spring 2008.
Sun Plaza will be developed in the south of Bucharest, the 4th sector. Having a built area of around 208,000 m² and a GLA of 76,000 m², the shopping center is structured on four levels, out of which two underground levels are dedicated to the 2,000 parking lots.
Sun Plaza will be anchored by a Cora hypermarket with a sales area of 11,300 m², a bauMax DIY store on 12,300 m² and a Mobexpert furniture store on 10,300 m². In addition, around 170 stores on an area of around 25,000 m² will include branded retailers. Sun Plaza also offers leisure amenities by creating a 1,200 seats food-court dedicated to restaurants and cafes and an entertainment area, whose main attraction will be the 15 halls and 3,000 seats cinema.
CLAM, the company for leasing and management from EMCT Group, is in charge of the leasing for Sun Plaza. CLAM's officials declare that 60% of the shopping center is already leased out. Also, the representatives of EMCT and Sparkassen Immobilien estimate the first phase investment to be around €100 million, with a cumulated value of around €150 million through the future residential and office developments.
Sun Plaza shopping center is the first project developed in partnership between EMCT and Sparkassen Immobilien. The legal work in relation to Austria and Romania as well as tax advice has been rendered by Schoenherr and Asociatii.
Source: ICSC
