Plaza Centers buys site in West Romania, sees 60 mln eur development cost

Plaza Centers NV said it has it has acquired a site in Timisoara, West Romania, and plans to build a shopping centre of approximately 30,000 square metre gross lettable area there, estimating development cost of the project of 60 mln eur.

The emerging markets property developer did not disclose the price paid for the site.

Plaza said it has also secured an option to develop on the site approximately 20,000 sqm of new mixed retail, office and residential space adjacent to the shopping centre.

The acquisition is Plaza's second transaction in Romania following its Nov 2006 announcement that it had entered into a public-private partnership agreement with the Government of Romania to develop the approximately 1 bln usd Casa Radio (Dambovica) scheme in Bucharest.