Portuguese real estate developer Sonae Sierra has not yet set an opening date for its Adora Mall shopping center in Craiova, which is under the first phase of construction work. “We cannot give an exact date for the opening at this point as we are still working on many directions like design and architecture, leasing and financing,” Ingo Nissen (in picture), managing director Sonae Sierra for Romania told Romania-Insider.com.

The developer has leased more than 40 percent of its gross lease-able area, a similar level as when Pure Fitness announced the 2,100 sqm lease in the shopping center in June 2011. Adora Mall will have some 59,000 sqm of floor space. Work on the project started mid-2011.

In 2011, Sonae Sierra's business in Romania grew compared to 2010, especially due to the third party services provision and positive results from the operating shopping center River Plaza Mall, according to Nissen, who did not mention the actual turnover level. In 2011, River Plaza mall had 3.2 million visitors, representing a 13% increase in visits versus 2010.

The real estate company signed new leasing services agreements last year, for Sun Plaza and Vitantis Mall in Bucharest and for Magnolia Shopping Centre in Brasov.

In 2012, Sonae Sierra hopes to expand its property management and development services for third parties, according to Nissen.

editor@romania-insider.com