Strabag to build ParkLane commercial centre, a EUR 180m investment

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Sonae Sierra and Caelum Development, the developers of the ParkLane commercial centre, have appointed the Austrian company Strabag to carry on the structural works for the mall in Titan neighbourhood, a EUR 180 million investment.

“According to the contract, the company will be in charge with continuing the commercial centre’s construction next year. Having in view the inauguration target is 2016, the cooperation with Strabag offers the ParkLane investors and the developers the guarantee to meet the deadline and the quality standards,” a release from the developers reads.

The future commercial centre will have a rented area of 70,000 square metres and is already 70 percent under contract. The official opening is set for 2016. The centre will have more than 200 shops and an underground parking lot for 2,600 cars.

The Portuguese company Sonae Sierra owns 46 commercial centres in 14 countries with a market value of EUR 5.9 billion. It manages and rents 82 commercial centres with a rented surface of 2.6 million square metres. In Romania the company owns River Plaza centre in Ramnicu Valcea.

Caelum Development is a company specialised in investments and real estate, owned by a group of Irish private investors with more than 10 years of experience on the European real estate market.

Strabag operates on the Romanian market since 1991. In 2013 it registered a turnover of EUR 320 million with 1,500 Romanian personnel.

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