Sonae Sierra has acquired two sites in the Romanian cities of Ploiesti and Craiova, where it will develop two new shopping and leisure centers, the first the company will develop in Romania, for a total investment of more than 293 million.
Ploiesti, an excellent location
Built on a 16 hectares site, in the southern limit of the city of Ploiesti, the ninth most populated in Romania, 60 kilometers north of Bucharest, the future center has a privileged location with more than 270,000 inhabitants in a 15-minute catchment area, and will benefit from excellent access, namely through the new highway connecting Bucharest to Ploiesti, currently under construction.
This innovative shopping and leisure center will have a GLA of 64,070 m² and a parking lot for 3,200 vehicles, for a total investment of about 153.6 million, and will integrate a 100-hectare area which will be urbanized throughout the next six years, and will include housing, office and service buildings, schools, sports facilities, public gardens, among other equipments.
The development plan for this new Sonae Sierra venture projects the beginning of the construction work in 2008, and the inauguration in 2010.
Craiova, a central project
In Craiova, Romania's sixth largest city, located 240 kilometers west of Bucharest, the new shopping and leisure center will have a GLA of 55.537 m², a parking lot for 1833 vehicles, and will represent an investment of 139,4 million.
To develop this project, Sonae Sierra has acquired a 6-hectare site with an excellent location, five minutes away by car from the city center, with 300,000 inhabitants in a 30-minute catchment area. The construction of the shopping center is already under way, and the inauguration will take place in the Fall of 2009. For this project, Sonae Sierra had attorneys Nestor Nestor Diculescu Kingston Petersen (NNDKP) and Eurisko Real Estate consultants.
Sonae Sierra reinforces this way its presence in the Romanian market, where it arrived last May with the acquisition of River Plaza Mall, a shopping center with 12,358 m2 of GLA, located in the city of Ramnicu Valcea, in the south-western region of the country, which had been inaugurated in November 2006.
Source: Sonae Sierra