Israelis turn bombed ministry into mall

Israel’s Plaza Centers NV has announced plans to build a new shopping and business center in central Belgrade.

Izvor: BIRN

Wednesday, 29.08.2007.

10:42

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Israel’s Plaza Centers NV has announced plans to build a new shopping and business center in central Belgrade. The new 100,000 square meters complex will replace the building of the former Yugoslav Federal Interior Ministry, which was heavily bombed during the 1999 NATO bombing campaign. Israelis turn bombed ministry into mall “Plaza Centers N.V. will partner a local Serbian developer in the project, which is expected to have a gross development budget of EUR 150mn,” the company said on its official web site. The local partner, Total Holiday Company, will also participate in the development with up to 15 percent of its value, while the project management will be carried out solely by Plaza. “We are very excited to be taking our first steps into the Serbian market, where we believe our skills and experience in delivering large-scale mixed-use developments can produce significant value, both for our shareholders and for the center’s tenants and visitors,” Ran Shtarkman, president of Plaza Centers N.V., said in the statement. Plaza Centers N.V. is an emerging markets developer of shopping and entertainment centers. The Company is an indirect subsidiary of Elbit Medical Imaging Ltd. Earlier this month the former police headquarters building was sold to Total Holiday for EUR 29.1mn, following three unsuccessful bids launched by the government’s Property Directorate. In March, Austria’s Soravia Group purchased the building for EUR 35mn euros but the deal was cancelled shortly after, following disagreements over the terms of the contract between the Austrian company and the Property Directorate.

Israelis turn bombed ministry into mall

“Plaza Centers N.V. will partner a local Serbian developer in the project, which is expected to have a gross development budget of EUR 150mn,” the company said on its official web site.

The local partner, Total Holiday Company, will also participate in the development with up to 15 percent of its value, while the project management will be carried out solely by Plaza.

“We are very excited to be taking our first steps into the Serbian market, where we believe our skills and experience in delivering large-scale mixed-use developments can produce significant value, both for our shareholders and for the center’s tenants and visitors,” Ran Shtarkman, president of Plaza Centers N.V., said in the statement.

Plaza Centers N.V. is an emerging markets developer of shopping and entertainment centers. The Company is an indirect subsidiary of Elbit Medical Imaging Ltd.

Earlier this month the former police headquarters building was sold to Total Holiday for EUR 29.1mn, following three unsuccessful bids launched by the government’s Property Directorate.

In March, Austria’s Soravia Group purchased the building for EUR 35mn euros but the deal was cancelled shortly after, following disagreements over the terms of the contract between the Austrian company and the Property Directorate.

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