The company announced in 2008 and 2009 plans to build malls in Romanian cities Iasi, Miercurea Ciuc, Timisoara, Hunedoara, Targu Mures, Constanta and Slatina. Construction was set to start in 2011 at the earliest.
“Timisoara and Iasi are in the design and planning stage and construction is scheduled to commence on projects in 2012 and 2013 respectively, with completion expected in 2014. In Slatina, the detailed design has been agreed, the majority of permits secured and construction is due to commence in 2012, subject to financing. Slatina is expected to be completed in 2013. Hunedoara and Targu Mures are in the preliminary design phase and scheduled for completion in 2013,” the company noted in the report.
The company’s Romanian assets were evaluated at a total EUR255.1 million at the end of last year, slightly up from EUR254.79 million in 2009.
Plaza holds a 75% interest in a company in partnership with the local government to develop Casa Radio, the largest development plot in central Bucharest.
The Casa Radio Plaza lot and buildings had a market value of EUR182.4 million at the end of 2010, compared to EUR181.6 million at the end of 2009. Upon completion, the complex was estimated at EUR772.5 million.
Plaza Centers is part of Israeli group Elbit Medical Imaging.
Plaza Centers owns assets in Romania, Hungary, Poland, the Czech Republic, Latvia, Greece, India, Bulgaria and Serbia.
The company posted a net profit of EUR10 million in 2010, compared to a loss of EUR65 million the year before.