Plaza Centers announced that it has received the building permit to develop Timisoara Plaza, a circa 37,000 m² GLA shopping and entertainment centre in Timisoara, western Romania.
A binding financing offer has also been agreed with the Hungarian Export-Import Bank Plc (Exim bank) for circa 65% of the project cost. Situated close to the Hungarian border, Timisoara is the primary social, economic and cultural centre in the western part of Romania, with a population of 320,000 inhabitants and a catchment area of approximately 700,000.
The new development, on a site which is well located at a three-way junction near to the city centre, will comprise around 120 retail units, including a hypermarket complex across a whole floor, international fashion retailers, a leisure and entertainment centre, and food court.
Construction is expected to commence on the project in autumn 2015 with completion expected during the first half of 2017.
Source: Plaza Centers