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Sonae Sierra will build four shopping centers in Romania in 2008

The shopping center operator Sonae Sierra, registered in Portugal, has invested, until the time being, in Romania, around EUR 150 M and it intends to start, over 2009–2011, the construction of 1-2 centers per year, the initiation of works for such four projects being scheduled in 2008.

“We have initiated this year the construction works for Craiova center and we intend to start the development of projects in Bucharest and in Ploiesti, after receiving the authorizations. We also hope that we buy another project, until the end of the year, alone or to join a partnership,” according to Jorge Morgadinho, expansion manager at Sonae Sierra, in a statement for Mediafax. He mentioned that Sonae Sierra negotiates the entry into a partnership with local and international developers, as well as the acquisition of lands for building shopping centers. The company also holds talks in relation to the take-over of 50 per cent of Arena Mall project from Bacau. “We have not yet reached an agreement with the owner of the mall (editor’s note – businessman Ovidiu Budeanu),” Morgadinho said. Sonae Sierra entered the Romanian market last year following the acquisition of River Mall Ramnicu Valcea. The company then bought two lands, in Ploiesti and in Craiova, where they intend to build two shopping centers. The total value of the investment is estimated at EUR 293 M, and the works are expected to complete in 2009 and in 2010 respectively. Sursa: http://www.nineoclock.ro

Tags: centers shopping sierra sonae

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