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Sonae Sierra set to start first project built from scratch in Romania

Portugal's Sonae Sierra, which owns 49 malls in Europe, but only one in Romania, River Plaza Râmnicu-Vâlcea, is likely to start works on Adora mall of Craiova this year, the first project built from scratch domestically by the Portuguese investors.

Cristi Moga · 24 martie 2011 · 1 min de citit

Portugal’s Sonae Sierra, which owns 49 malls in Europe, but only one in Romania, River Plaza Râmnicu-Vâlcea, is likely to start works on Adora mall of Craiova this year, the first project built from scratch domestically by the Portuguese investors.

Ingo Nissen, the German running the Romanian operations of Sonae Sierra real estate developer, says it has not been always easy to persuade Portuguese heads Romania is a good market, but he succeeded.

The Portuguese early this year sold two malls in Spain for 120m euros, with the money due to be reinvested in other projects. Will there any funds be earmarked for Romania as well, in the wake of this exit?

“Undoubtedly,” says the German in an interview with ZF.

“I’m confident there will be soon some good news regarding the mall in Craiova. I believe it will be a good year for Adora”. Works on a 140,000 square metre mall, of which 55,000 square metres are the lettable area, may take around 18 months.

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