Property developer Sonae Sierra, an Anglo-Portuguese company, will invest millions of euro in three mall projects in Romania by the end of the year.
Alvaro Portela, CEO of Sonae Sierra, quoted by Capital magazine, says the company is trying to launch three projects in Romania by the end of the year, which can be developed or bought by the firm. He said he was under negotiations with the owner of Arena Mall in Bacau (north-east of Bucharest) for buying this mall.
The Sonae Sierra official says the firm is seeking plots of land nationwide but Bucharest remains extremely important due to the size of the market and number of inhabitants. He adds last week the company set up a joint-venture (50%-50%) last week with Irish developer Caelum Development for the building of shopping centre Parklake Plaza in eastern Bucharest, a total investment of 591 million euro.
The strategy of Sonae Sierra includes the development, management of the shopping malls and keeping their ownership. The company already holds two shopping centres under development in Ploiesti and Craiova, plus the River Plaza mall in Ramnicu Valcea (all three in south).