Irish Investment group Caelum Development has started construction work on the ParkLake Plaza project in Bucharest's Titan area. Opening is scheduled for the fourth quarter of 2013. The investment in the new shopping mall amounts to around EUR 250 million and Cushman & Wakefield was named as the exclusive letting agent for the project.

“So far we have signed contracts and pre-letting contracts for approximately 50 percent of the available space and negotiations for a further 20 percent of the total letting surface are at an advanced stage,” said Cristina Dumitrache, Associate, Head of Retail Shopping Centers, Cushman & Wakefield.

ParkLake Plaza, which will be the first mall in Romania to include outdoor sports areas, will have a total of 67,000 sqm to let and host 200 retail units. A 3,000 sqm area for dining, restaurants, cafes and fast-food units, underground parking with 2,300 parking places and a second floor, 16 screen Cinema City multiplex are also planned for the new mall.

Caelum Development, owned by the Sharkey family, operates within East-Central Europe, with headquarters in Warsaw, Poland. The company’s portfolio includes a total of 19 retail schemes located across Poland. ParkLake Plaza is the company’s first project in Romania.

Irina Popescu, irina.popescu@romania-insider.com

(photo source: Caelum Development)