Plaza Centers, the listed European shopping centre investor, has bought a €105m (£75.4m) retail development project in Belgrade, Serbia.

The proposed scheme will comprise a 430,500 sq ft shopping and entertainment centre on one of the main roads leading into the centre of Belgrade.

Mixed use opportunity

The site also has the potential for additional residential and office development close to the shopping centre scheme which Plaza Centers will consider integrating into the scheme.

Three of a kind

The scheme is Plaza Centres’ third development in Serbia, since it entered the market earlier this year. Plaza announced in August that it had won a competitive tender from the Government of Serbia for the development of a new shopping, entertainment and business centre in Belgrade and in November it entered into an agreement to secure a 376,740 sq ft retail development in Kragujevac.

Economic growth

Ran Shtarkman, president and chief executive officer of Plaza Centers, said: ‘ In acquiring our third development project in Serbia in only four months, we are demonstrating our firm belief in the exciting prospects for the region. The economic growth in Serbia will encourage strong demand for large-scale, mixed use developments from commercial occupiers and visitors.’