Construction work on Veranda shopping center, developed by Romanian businessman Florin Pogonaru in Obor area in Bucharest, will start next week, reports local Mediafax. The new shopping center will cover an area of some 25,000 sqm and will also comprise a Carrefour hypermarket. It’s located on the former site of the Prodplast factory, which was relocated.

To finance the project, the shareholders of Prodplast Imobiliare, the company via which the Romanian businessman develops the commercial center, approved in August a bond issue of up to EUR 10 million, a capital increase and a credit of EUR 35 million.

Prodplast Imobiliare also appointed CBRE Romania to manage the lease of the shopping center's space and hired Barsine Investitii for the project management and other related services to the investment.

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