Sonae Sierra and Caelum Development have announced the commencement of the mall’s development, scheduled for opening in 2016.

ParkLake will have a total rentable area of 70,000 sq. m, with approx. 200 stores and 2,600 underground parking places.

"We are excited to start the construction works for ParkLake, offering Bucharest residents an innovative shopping experience. ParkLake will have a varied tenants mix, both considering the retail offer and the leisure, and will become one of the main Bucharest attractions due to the adjacent green area of Titan Park’s integration", has declared Fernando Guedes Oliveira, CEO Sonae Sierra.

Announced in 2008, with EUR 600 million investment, the project was intended to be developed by the Ireland’s Caelum Development and Portugal’s Sonae Sierra. The 8.2 ha plot of land was bought in 2007 for EUR 53 million. Due to some litigations related to the land – the former sports base Spartac – the project was postponed.

Sonae Sierra had left the project, but last autumn the two companies announced to resume the partnership, as well as half of the rentable area were already leased. The retailers to open stores within the project are Cora, Flanco, H&M, Douglas, Zara, Mango etc. (source: economica.net)