"Delta" wants to postpone construction of shopping mall in Slovenia

Belgrade-based company "Delta" has announced today (April 9, 2009) that it has not given up the construction of shopping mall in Sports park "Stožice" in Ljubljana, but it suggests that that investment should be postponed because of the economic crisis, or the terms should be adapted to the situation in the global market.

- The initial project must be adapted to the situation in the global market, which has dramatically changed since the contract was signed, and we’ve sent our suggestions to our partner, company "Grep" – it is stated in the announcement of company "Delta".

In addition to the suggestion for postponement of construction of shopping mall in Ljubljana until the market is stabilized, "Delta" also suggested to company "Grep" that "the project should be changed and significantly adapted to the newly created circumstances", which would include the change of initial deadlines.

"Delta" finds the project rationalization, suggested by “Grep”, unacceptable because it would endanger the function of the shopping mall.

"Delta" explains that it understands the needs of the city and the citizens of Ljubljana for construction of sports-trade complex Stožice, but it reminds that company "Delta Real Estate", which operates within company "Delta", has signed the contract with company "Grep" for financing of construction of retail section, that is, shopping mall, and that the sports section of park Stožice was not part of that contract.

"Delta" points out that the construction of majority of shopping centers in east and central Europe has been postponed for 2-4 years, and that 10% of such projects have been cancelled for good.