Plaza Centers, the European retail property developer, has bought a site in Honedoara in Romania.
The 441,324 sq ft site, near to Honedoara city centre on the main road leading to the city, will be developed into a shopping and entertainment centre with around 215,280 sq ft of lettable space.
The development project is expected to cost approximately E37m (£27.7m)
Construction is expected to start in mid 2008 with plans to open in 2010.
It is Plaza’s sixth development scheme in Romania since it acquired its first project in November 2006. Its largest scheme to date is the Casa Radio scheme in Bucharest.
Ran Shtarkman, CEO of Plaza Centers, said: ‘Honedoara, with a population of 80,000 people, is an expanding city which is benefiting from a significant level of new investment.
'We believe that we can attract some major local and international brands to the area, with demand for prime retail sites strong across all parts of Romania.’