The developers said in a statement that Strabag will continue the construction of the shopping center throughout 2015.
The shopping mall, due to be opened in 2016, has a lettable area of 70,000 square meters and is 70% leased. ParkLake, which will engulf a total EUR180 million, has over 200 stores and an underground parking lot with 2,600 spaces.
Portuguese company Sonae Sierra holds 46 shopping centers whose market value exceeds EUR5.9 billion and is present in 14 countries. Sonae Sierra administers and/or leases 82 shopping centers and a total lettable area of 2.6 million sqm. In Romania, the company owns the River Plaza shopping center in Ramnicu-Valcea.
Caelum Development, which specializes in investments and real estate developments, is held by a private group of Irish investors whose experience on the European real estate market spans over ten years.
Strabag has been operating in Romania since 1991. In 2013, the company’s 1,500 Romanian employees generated nearly EUR320 million.