Real estate developers Sonae Sierra and Caelum Development will receive a EUR 83 million loan from the Austrian Bank Hypo NOE Gruppe Bank, thus securing their financing to build the ParkLake mall in eastern Bucharest. Hungarian bank OTP Bank and its local subsidiary will guarantee the loan.

This loan has increased confidence in the project’s success, said Ingo Nissen, managing director Sonae Sierra. The shopping center, which will open in 2016, required a EUR 180 million investment.

The shopping center has already reached an occupancy rate of 85%. It will have a rentable area of 70,000 sqm, and will include over 200 stores, 23 restaurants, a fun area, and 14 cinema screens.

editor@romania-insider.com