A new mall on the way: Timisoara Plaza to be financed mainly by a Hungarian bank

The Israeli real estate developer Plaza Centers announced that has obtained the building permit for a mall in Timisoara (western Romania), which is 65 percent financed by Export-Import Bank PLC, owned by the Hungarian state, local opiniatimisoarei.ro informs.

The construction works on Timisoara Plaza will start this autumn and will be completed in the first half of 2017. The mall will cover 37,000 sqm and will have 120 stores, a hypermarket, an entertainment center and a restaurant area.

“We look very favorable Timi?oara. It’s the third most populous city of Romania, with the lowest unemployment rate in the country and is the second largest contributor to Romania’s GDP,” Ran Shtarkman, CEO Plaza Centers has motivated the choice of location in a press released to Bucharest Stock Exchange (BVB).

The developer did not disclose the amount of investment, but years ago, the announced value was EUR 50 million.

Also in Timisoara, South African investment fund NEPI is building a mall on the land of Dermatita plant.

The mall will have a GLA of 70,000 sqm and a cinema with a total capacity of 2,400 seats and an area of 4,000 square meters which will becoming the largest multiplex outside Bucharest.

Just last week, Iulius Management Center, controlled by businessman Iulian Dascalu, announced an investment of over EUR 220 million in a multifunctional urban regeneration project in Timisoara as well (western Romania). The project, called Open Ville, will have a total built area of 594,000 square meters and Iulius Mall Timisoara will be integrated in this concept.