Caelum Development to start works on ParkLake Plaza mall in Bucharest this year

Irish developer Caelum Development has received the building permits for the Parklake Plaza shopping center, which should be built on the premises of the former Spartac sports base in the Titan area of Bucharest. Construction works on the mall are expected to start in July this year, according to Caelum. The developers have reduced the leasable area of the mall from a previously announced 100,000 sqm to 67,000 sqm in a first phase. An additional 12,000 sqm will be added afterwards. The mall is 35 percent pre-leased by retailer Cora, Cinema City, Pure Fitness, IT&C retailer Flanco and cosmetics retailer Douglas, among others. The total investment in the project is estimated at EUR 250 million. Caelum was established in 2002 by a group of three private Irish investors. The group has a portfolio of 36 projects in Poland, Hungary, Germany and Romania. The existing portfolio includes 19 completed commercial centers with approx 150,000 sqm. GLA, of which 17 are based in Poland and one in Hungary. editor@romania-insider.com