Plaza Centers N.V., a leading emerging markets property developer, announces the completion and opening to the public of Kragujevac Plaza in Serbia. Kragujevac Plaza is the company's first shopping and entertainment center in Serbia and Plaza's 33rd developed shopping and entertainment center worldwide.
Kragujevac Plaza is located in the city of Kragujevac, the fourth largest city in Serbia.
Kragujevac Plaza is located in the city of Kragujevac, the fourth largest city in Serbia and the capital of the Sumadjia Region in central Serbia. Kragujevac has a long history as an important industrial and trading center in Serbia and is home to the county's automotive industry. Kragujevac Plaza is the first shopping center to be completed outside the capital Belgrade, and will therefore enjoy a catchment area of approximately 590,000 inhabitants living within a 30 minute car journey.
The shopping center comprises 22,000 m² of GLA over two floors with approximately 700 parking spaces. With a six screen Cineplexx cinema facility, the center contains the only cinema and bowling facilities in the region.
In addition, the center includes the Arena Fun Factory entertainment center and Circus Playground, and over 95 shops with international and local brands such as Nike, Adidas, Aldo, New Yorker, Deichmann, TerraNova, Fashion and Friends, H&O, Oviesse, Fox, Chicco and Home Center. Kragujevac Plaza was approximately 92% let on opening, with the remaining space in advanced negotiations.
70% of the development cost of Kraguejavac Plaza was funded by a 33 million development loan which, upon the completion and settlement of all construction costs, will be converted into a 15-year investment facility.
Plaza has been active in development of shopping and entertainment centers in emerging markets for over 16 years. It was the first company to develop western-style shopping and entertainment centers in Hungary and subsequently pioneered this concept in Poland, the Czech Republic, Romania, Latvia, Greece, Serbia, Bulgaria and India, thereby building a strong track record of successfully developing, letting, selling and managing shopping and entertainment centers.
Ran Shtarkman, President and CEO of Plaza Centers N.V., said: "The completion of our first shopping and entertainment in Serbia, and our 33rd worldwide, is another important milestone for Plaza. The opening of Kragujevac Plaza, on time and on budget, once again demonstrates Plaza's ongoing ability, even in these challenging macroeconomic conditions, to secure attractive locations, source favorable project financing and to sign leases with prominent international and local retailers and leisure operators.
"We are also justifiably proud to maintain our track record of building more western-style shopping centers in CEE than our major competitors combined.
"We continue to have confidence in the resilience of the Serbian market and especially in top-quality retail and leisure assets which are dominant in their catchment area. We believe that Kragujevac Plaza will play a significant role in the regional community and become a destination o