ARTICLES LABELLED WITH TAG Sonae Sierra

Property investor Omer Susli has purchased River Plaza Mall in Râmnicu Vâlcea from Sonae Sierra for an undisclosed sum.

International retailer Primark has announced the opening of its first store in Romania as part of an expansion bid in Central and Eastern Europe. The new store will start operations towards the end of this year and will be located in Bucharest-based ParkLake Shopping Centre, owned by Sonae Sierra.

Retail is among the real estate sectors most affected by the COVID-19 crisis. As most stores have been ordered to close across Europe, retail landlords face an unprecedented challenge. Duarte Cabral, Deputy Managing Director EMEA at Sonae Sierra shared with us his initial impressions on this rapidly evolving situation.

Portuguese group Sonae Sierra announced that it purchased the 50% stake held by its former Joint Venture partner Caelum Development in Bucharest’s ParkLake shopping centre with the intention of consolidating its presence in Romania.

Futureal Group has exited its €19 million mezzanine financing provided to Caelum Development for the development of ParkLake shopping centre in Bucharest, Romania. The 70,000 sqm GLA project was developed by a joint venture between Sonae Sierra and Caelum Development. Futureal Group will intensify its activity in Romania through its residential investments subsidiary, Cordia. The company has recently announced a €50 million worth of investment plan in Bucharest for the next year, part of a long-term roadmap for the local market. Cordia division plans to deliver about 500 apartments per year, designed for medium and medium high segments.

Kiddo Play Academy, a company which specializes in family entertainment, will open its second playground in Bucharest on the 1st of June, on an area of approximately 1,200 sqm in ParkLake Shopping Center. The leasing negotiations were conducted by Colliers International Romania.

With consumer habits changing rapidly and technology reshaping the entire real estate industry, the only way for shopping centres to stay in the race is to innovate. Ingo Nissen, Sonae Sierra’s Managing Director for Romania talked about the future of retail and the Romanian retail market in particular.

The ParkLake shopping mall in Bucharest, developed by a joint venture of Sonae Sierra and Caelum Development, has received a BREEAM certification with a rating of ‘Excellent’.