Sonae Sierra, the international shopping center specialist, and Caelum Development, a leading Eastern European Real Estate developer, closed a 50:50 Joint Venture Agreement for the development of ParkLake Plaza, located in Sector 3 in the eastern side of Bucharest.
The project has already signed contracts for 52% of its 67,000 m² GLA.
The new shopping center will offer high-quality retail in around 200 shops, including various sport and leisure facilities. A unique and environmentally friendly design compliments and integrates the adjoining Titan Park. The project has already signed contracts for 52% of its 67,000 m² GLA, with further 13 % of the GLA in advanced negotiations, on an investment of 185 million.
ParkLake Plaza will include a large international food court with more than 20 units, a 16- screen Cinema City multiplex, a Cora Hypermarket on 15,000 m², Pure Fitness, Flanco, Douglas, Zara Home and a wide fashion offer (H&M, Mango, ZARA, OYSHO, Pull & Bear, Stradivarius, Massimo Dutti, Bershka). The center will offer 2,700 spaces of underground car parking and a distinctive offer of leisure components and sports features connected with the park.
Located in Sector 3 of the Eastern part of Bucharest, ParkLake Plaza will be only a 10 minute drive from the city center, and benefits from substantial road frontage on the 4 lane Liviu Rebreanu road. The location is well serviced with all manners of public transportation including Bus, Tram and Metro, and serves a primary catchment area of more than half a million inhabitants in a 10 minute drive-time.
Currently, the Joint Venture is working on the design optimization, further leasing contracts to be signed with new brands, and focusing on obtaining the right financial solutions, which together will define the exact construction start timing.
"We are glad that we can develop this unique project together with Caelum Development on the Romanian market. We are confident that ParkLake will offer Bucharest inhabitants a ground-breaking shopping experience offering a broad variety of fashion, services, food, sports articles, household goods and leisure. ParkLake will become one of the main attractions in Bucharest crossing over and integrating with exclusive leisure components and a green area to Titan Park" stated Ingo Nissen, Sonae Sierra Managing Director, responsible for Developments in Romania.
In addition, Caelum Development CEO, David Sharkey, comments that "The partnership with Sonae Sierra will further support our ambition to develop the best shopping and leisure destination in Romania's capital. We are positive that this much needed project will bring an unmatched retail experience to Bucharest and will set a new leisure destination in the city."
A sustainable center
This center will be designed in compliance with the certified Environmental Management System of Sonae Sierra, fulfilling the most rigorous and demanding quality requirements, namely in terms of comfort, safety and environmental protection. The project ParkLake Plaza will adopt the most modern environmental solutions that aim to reduce electricity and water usa