Plaza Centers to start building shopping center in Belgrade by autumn 2013 - Business and residential complex featuring hotel to open in Kneza Milosa Street next year

(the future shopping center Visnjicka Plaza)

Israeli Plaza Centers should start the construction of a EUR 120 million shopping center this summer in the Belgrade Visnjicka Banja neighborhood, people at that company have said to eKapija.

Visnjicka Plaza, a 48,000 square meter shopping center, should have already been built, but long permiting procedures are what postponed the commencement of works.

- We are ready to start the work. We were supposed to begin the construction of the facility in Belgrade at the same time as the shopping center in Kragujevac, but it took much longer to obtain permits in Belgrade. Our expectation is that we will get a building permit soon, and kick off the construction of new shopping center in the capital this summer - Plaza Centers Serbia CEO Sagiv Meger says in a talk with eKapija, adding that about 40 percent of the office space in that shopping mall have already been leased out.

Our interlocutor notes that if everything goes as planned, they expect the facility in Belgrade to be completed in late 2014 or early 2015 at the latest.

- Belgrade has so much potential, and could attract so many famous tenants, but a big problem is the process of collecting the required documentation. This is an appealing destination, and I believe that there is a void in the shopping center market. The economic crisis has hit us all, but we are not going to give up our plans in Serbia. My opinion is that we will be successful in a long run as we have both skills and experience to cope with all challenges in the business - says Meger.

People at Plaza Centers say they are satisfied with the operations of the shopping center in Kragujevac, which was opened in March 2012, but they stress that the things "can always be better."

- According to our data, close to 80 percent of the visitors of Kragujevac Plaza actually buy something. I don't say this is satisfactory as they don't spend as much as we would like. There are some less-experienced tenants whose sales are not so good. We monitor the companies operating in our shopping center all the time. With 38 shopping centers worldwide, we have enough experience to organize seminars for tenants to help them improve their services.

Visnjicka Plaza will consist of a five-level parking lot, two floors filled with stores and another floor featuring fun amenities. The shopping center in Palilula will also comprise a movie theater with 10 screens, slot club, fantasy park, and a fitness center. Food court will be placed on the highest floor in order to take advantage of the beautiful view of the Danube River.

Exclusive complex in Kneza Milosa Street

(future business center in Kneza Milosa Street)

The Israeli company has also bought a building land in Kneza Milosa Street in 2007, and plans to have a 100,000 square meter business and residential complex built in that location.

- We are still waiting to get a building permit for this land lot, where we expect construction works to start in 2014. The value of this complex, which will be one of the sights of Belgrade, should reach EUR 180 million - the Plaza Centers Serbia CEO says to our web portal.

According to the plan, Beograd Plaza will consist of two towers. The complex will comprise a luxury five-star hotel with a modern conference room, deluxe spa center, and a restaurant with a 360-degree view of Belgrade on its top. Also, there will be a shopping center featuring exclusive brands from the fashion world as well as a lot of office and residential space.

S.O.