Portuguese shopping centre firm Sonae Sierra and Caelum Development, a specialist retail developer in Eastern Europe have established a 50:50 joint venture for the development of Parklake Plaza in Bucharest. The project is one of Europe's biggest shopping centres with a total gross investment volume, excluding VAT, of some EUR 591mln. It is scheduled to open in April 2011.
Portuguese real estate investor and developer Bondstone is investing around €70 mln in a residential development in Belas Clube de Campo, municipality of Sintra, Portugal.
