Sonae Sierra owns 100% of ParkLake by acquiring JV partner stake

Sonae Sierra purchased the 50% participation of its former Joint Venture partner, in a move to consolidate its presence in Romania. Previously owned in a 50/50 JV between Sonae Sierra and Caelum Developments, ParkLake is now fully owned by Sonae Sierra, which will now support the growth of the Company in the Romanian market.

The quality and performance of ParkLake has proven its flagship and dominant position in the country. Being the first Romanian shopping centre ever to be distinguished by ICSC, ParkLake was also the most awarded centre with 3 other major European Awards in categories of best retail development in CEE. The outstanding quality of ParkLake’s retail space of 70,000m², with more than 200 shops, is shown by the over 98% leased GLA, including many top tenants. Opened in September 2016, with an investment of €180 million from the JV partners, ParkLake serves a catchment area of over 1.4 million inhabitants and until the end of October 2018 it has registered a double digit increase in footfall and sales, versus the first 10 months of 2017.

“We acquired Caelum Developments’ JV participation in ParkLake as a move to consolidate our position in the Romanian market, where we intend to grow. This transaction is proof of our trust in a continuous positive performance of such a highly-desired asset. ParkLake has become a landmark in Romania, and we believe that we will further improve the value of a shopping centre that is mentioned as a reference in the country,” said Thanos Efthymiopoulos Sonae Sierra, Managing Director, responsible for Investments, Asset Management and Finance for Romania and Greece.