Plaza Centers – which started judicial reorganization procedures earlier this year – wanted to develop a shopping mall on the plot of land. This is the second land transaction that the developer closed this year after it had earlier sold a 31,500 sqm plot of land in Targu Mures for EUR 3.5 million, according to the same source.

“The transaction is in line with the company’s strategy to cut debts and sell secondary assets in order to focus on the income generating ones,” reads the developer’s press release.

Plaza Centers owns a 75 percent stake of the Casa Radio real estate project in Bucharest, following a public-private partnership it signed with the Ministry of Development in 2006.

The 550,000 sqm project should feature a commercial center, office space, a hotel, an apart-hotel and a conference center. The first phase is scheduled for completion in 2016-2017. The land was valuated at EUR 89.25 million at the end of September, down from EUR 130.6 million. However, works on the site halted in 2009.

Romanian DIY developer Dedeman is owned by Romanian businessmen Dragos and Adrian Paval and presently runs a 40-store network. The retailer has grown to become the main player on the DIY segment rising ahead of international competitors. (source: business-review.eu)