Shopping centre developer Plaza Centres has completed its second purchase in Serbia.

The company, which develops in central and eastern Europe has bought a 258,330 sq ft plot in Kragujevac, a city of 180,000 people.

Plaza plans to develop a shopping and entertainment centre of 376,740 sq ft at an expected development cost of about E55m (£38m).

Ran Shtarkman, chief executive officer at Plaza Centres said: ‘Serbia is poised to experience strong economic growth, which we believe, will generate strong demand for large-scale, mixed-use developments from commercial occupiers and visitors alike.’

‘This combined with growing investment interest in institutional grade commercial property assets in Serbia from international investors, should leave us well positioned to deliver strong returns to our shareholders.’