Israeli developer Plaza Centres is poised to begin developing its first shopping centre in Serbia after winning a competitive tender on a site in Belgrade.
In an announcement made this morning, Tel Aviv and NASDAQ listed Plaza said it had won the tender from the Serbian government and would spend E150m (£102m) developing the 1m sq ft scheme on the governments’ former Federal Ministry of Internal Affairs site.
The deal marks the latest in the developer’s Central and Eastern European development strategy. The company targeted the Belgrade site as it has a populated catchment area of about 2.5m people.
Ran Shtarkman, president and CEO at Plaza Centres said: ‘We look forward to playing a part in the delivery of a new commercial and cultural centre for Belgrade, which we hope will attract a range of high quality international and domestic tenants and thereby unlock the considerable potential we see within the Serbian market.’
Plaza will seek a local partner to co-develop the site. This partner will be able to participate in up to 15% of the development. The project management will remain solely with Plaza.