Currently, the joint venture discusses the design, the lease contracts with other brands, as well as suitable financial solutions which will all determine the exact date of the construction startup, the two companies said in a statement Tuesday.
Caelum Development announced the ParkLake Plaza project over five years ago, in a EUR500 million investment on 110,000 square meters. In 2008, Sonae Sierra partnered Caelum for the project development but it later got out the partnership.
ParkLake Plaza will stretch onto 67,000 square meters, 52% of which is already rented.
The mall includes an area of international restaurants with over 20 units, a Cinema City, a Cora hypermarket, stores of Pure Fitness, Flanco, Douglas, Zara Home and a wide range of fashion stores such as H&M, Mango, Zara, OYSHO, Pull & Bear, Stradivarius, Massimo Dutti, Bershka.
The center will have 2,700 underground parking places as well as a wide range of open-air activities and sports related to the park neighboring.
Sonae Sierra owns 51 shopping centers and operates on 11 countries worldwide and manages over 70 projects with a market value of EUR6.5 billion. In Romania, it owns River Mall in Ramnicu Valcea.
Warsaw-based Caelum Development has a portfolio of 36 projects throughout Europe and 21 retail units.