Dambovita Center project thought to be worth 1bn euros when completed

Israeli-based Plaza Centers, which controls the Dambovita Center project on the Casa Radio (Radio House) site in the centre of Bucharest, estimates the value of the project will reach 927 million euros upon completion, up 21% against the previous appraisal, reveals the company’s financial report. The project is one of the largest to be developed in Bucharest, and will include 600,000 square metres of retail space, offices, hotels, and homes in 2013 – the new deadline for the project, initially set for 2012. At the end of last year, the 10-hectare plot in central Bucharest, where the project will be built, was appraised at 158.7 million euros, down 17% against the 2007 appraisal. In fact, most of the company’s properties on the Romanian market have devalued, with the current portfolio being put at 223.5 million euros, 17% less than the 269.5 million-euro appraisal made in 2007, when the company held two properties less in Romania than now.