Emerging markets property developer Plaza Centers has announced the opening to the public of Kragujevac Plaza in Serbia, its first shopping and entertainment centre in the country.
Emerging markets property developer Plaza Centers has announced the opening to the public of Kragujevac Plaza in Serbia, its first shopping and entertainment centre in the country.
Kragujevac Plaza is located in the city of Kragujevac, the fourth largest city in Serbia home to the county’s automotive industry. Kragujevac Plaza is the first shopping centre to be completed outside the capital Belgrade, and will therefore enjoy a catchment area of 590,000 inhabitants living within a 30 minute car journey.
The shopping centre comprises 22,000 m2 of Gross Lettable Area over two floors with 700 parking spaces. With a six-screen Cineplexx cinema facility, the centre contains the only cinema and bowling facilities in the region. In addition, the centre includes the Arena Fun Factory entertainment centre and Circus Playground, and over 95 shops with international and local brands such as Nike, Adidas, Aldo, New Yorker, Deichmann, TerraNova, Fashion and Friends, H&O, Oviesse, Fox, Chicco and Home Center. Kragujevac Plaza is 92% let on opening, with the remaining space in advanced negotiations.
Around 70% of the development cost of Kraguejavac Plaza was funded by a EUR 33 mln development loan which, upon the completion and settlement of all construction costs, will be converted into a 15-year investment facility.
Ran Shtarkman, President and CEO of Plaza Centers, said: 'We look forward to delivering further centres in Serbia, at a time when the country will begin to enjoy the benefits from its candidature to join the European Union and the additional access to development funding that this brings.'
