Sonae Sierra has agreed with a Romanian developer based in Ramnicu Valcea, and current owner of the property, to acquire the already operating shopping center River Plaza Mall in Romania.
River Plaza Mall opened on November 17th 2006, and is located in Ramnicu Valcea, 170 km from Bucharest, in the administrative city of Valcea County and the second largest of south-west Romania with a population of 112.000 inhabitants.
The shopping center has 12.358 m² of GLA and features 90 shops, anchored by a SPAR supermarket that will open next June. The center offers its visitors a well-balanced tenant-mix, which is made up of international and national companies like Altex (electrical appliances), Leonardo (footwear), Kenvelo (fashion), Stone Creek/Puma (fashion and sports accessories), Pizza Hut (restaurant), KFC (restaurant) and MaxBet (casino and dance club).
The catchment area of River Plaza Mall comprises approximately 185.000 inhabitants within a 30-minute drive. Due to its downtown location, River Plaza Mall is easily accessible, and approximately 35.000 inhabitants live within a 10-minute walking distance from the site.
Álvaro Portela, CEO of Sonae Sierra, said, "River Plaza Mall becomes our 44th shopping center and its acquisition represents the continuing of our long-term expansion strategy as trough this deal we get our first investment in Romania trough an operating shopping center."
Source: Sonae Sierra