Developers postpone the opening of EUR 180 mln shopping mall in Bucharest

Portuguese real estate developer Sonae Sierra and its Irish partner Caelum Development have decided to postpone the opening of the ParkLake shopping mall in Bucharest. The mall will be inaugurated in September, instead of spring as initially announced. The new shopping center will cover 70,000 sqm. The surface will be comparable to that of AFI Palace Cotroceni or Mega Mall. The occupancy rate has reached 94% after ParkLake signed in four new tenants. The French retailer Carrefour bought a surface of 12,000 sqm in ParkLake last fall for opening a hypermarket. The total investment in this shopping center is EUR 180 million and was partly financed through a syndicated loan from OTP Bank Hungary, Hypo Noe Gruppe Bank, and OTP Bank Romania. editor@romania-insider.com