Sonae Sierra seeks EUR 400 million for biggest mall project
10 June 2008
Portuguese real estate developer, Sonae Sierra, and the Irish Caelum Development, co-developers of the Parklake Plaza project in Titan, Eastern Bucharest, have started to look for financial resources. The country's biggest mall project ever, is estimated to cost EUR 600 million and the companies need EUR 400 million funding.
"Romania is 20 years behind Spain in the real estate sector, but hundreds of malls are expected to be constructed, while the price of new houses will not drop in the next period," Adrian Niculescu, business development manager at Euroest Group told Rompres in an interview, ACT Media news agency reports.