Plaza Centers will invest €60 million building a mall in TimisoaraPublish date: 13-03-2007
Elbit Medical Imaging Ltd. (Nasdaq: EMITF; TASE: EMIT) subsidiary Plaza Centers NV (LSE:PLAZ) will invest €60 million in building a mall in Timisoara, Romania.
Plaza Centers bought a 31,800-sq.m. site for a 30,000 sq.m. mall. The company has also acquired an option to build 20,000 sq.m. of mixed retail, office and residential space adjacent to the shopping center.
This is Plaza Centers’ second project in Romania. The company is participating in the $1 billion public- private development Casa Radio (Dambovica) project in Bucharest. This 120,000-sq.m. complex will include a 300-room five-star hotel, offices, stores and residences.
The Casa Radio complex is similar to the 360,000-sq.m. Obuda Island project in Budapest, Hungary. The initial investment in the $500 million construction is expected to total $41 million. Plaza Centers owns 30% of the €1.5 billion project.
Plaza Centers is Elbit Medical Imaging’s arm for the development and construction of entertainment and shopping centers. The company is building 22 shopping centers in Eastern Europe, and has a master plan for the construction of 50.
Elbit Medical Imaging president Shimon Yizhaki said, "Up to now our commercial group's attention in Romania was set on major projects in Bucharest such as the Casa Radio (Dambovica) Mega Project and the Bucuresti Hotel Complex. Now, however, we are promoting efforts to 20-30 non-central areas with a high growth potential, just as successfully proven in our past track record in Hungary peripheral areas".
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