Sonae Sierra and Caelum Development to start work on new ParkLake mall in December

Developers Sonae Sierra and Caelum Development will start work on the future ParkLake shopping mall in Bucharest in December, after receiving the building permit. The opening is set for 2016, and the mall will host 200 shops in more than 70,000 sqm of gross leasable area. The shopping center, a EUR 180 million investment, was first announced in 2008, as a joint venture between the two companies. The project has changed shape several times so far, the joint venture was cancelled, only to be re-started in October 2012. The shopping center will adjoin the existing Titan Park in Bucharest on the premises of a former sports base. The tender for the construction is under way, according to the developers, who promise a groundbreaking shopping experience. “ParkLake will have a tenant mix with broad variety from fashion to leisure and it will become one of the main attractions in Bucharest by combining its shopping and leisure offering with the adjacent green area in Titan Park" said Fernando Guedes Oliveira, Sonae Sierra CEO. Sonae Sierra specializes in developing and managing shopping centers. The company currently owns 49 centers and has a presence in 12 countries in Europe, North Africa and South America. Irish owned Caelum Development, headquartered in Warsaw, Poland, has operated for over ten years on the European real estate market. The firm has 36 European property projects in its portfolio, including 21 retail centers. editor@romania-insider.com