ParkLake, a shopping center developed by Sonae Sierra and Caelum Development in Romania's capital Bucharest, has signed contracts with fashion retailers Zara, Bershka, Massimo Dutti, Stradivarius, Pull&Bear, Zara Home and Oysho retailers, all of them belonging to the Spanish Inditex Group, as well as H&M, Koton, Maxitoys, and Maxbet, reads a press release.

ParkLake has so far signed or committed 70% of its gross leasable area (GLA), which is 70,000 sqm. The mall will include over 200 units, including 23 restaurants and a cinema multiplex, as well as 2,600 underground parking places. Retailer Carrefour will also open a hypermarket within ParkLake.

ParkLake will host one of the largest H&M stores in Romania, which will cover an area of 2,700 sqm, while the Inditex brands Zara, Zara Home, Oysho, Massimo Dutti, Stradivarius, Bershka and Pull&Bear will occupy more than 6,000 sqm.

The total cost for the shopping mall located in Bucharest’s District 3 is EUR 180 million. Austrian company Strabag was recently selected to build the mall, which is set to open in 2016.

The Portuguese company Sonae Sierra owns more than 46 shopping centers in 14 countries, with a market value of more than EUR 5.9 billion. It manages or leases 82 shopping centres and a total Gross Leasable Area of 2.6 million sqm with about 8,300 tenants.

Caelum is a company specialized in real estate investment and development, owned by Irish investors.

Irina Popescu, irina.popescu@romania-insider.com