Portuguese group Sonae Sierra announced that it purchased the 50% stake held by its former Joint Venture partner Caelum Development in Bucharest’s ParkLake shopping centre with the intention of consolidating its presence in Romania.
The ParkLake project was developed by Caelum Development and Sonae Sierra under a 50-50 partnership. The two partners invested a total of €180 million in the 70,000 sqm project that opened in September 2016.
It was recently announced that Hungary’s Futureal Group had exited its €19 million mezzanine financing provided to Caelum Development for the development of ParkLake.
