Sonae sierra and caelum development start excavation works for ParkLake

Advances for the new shopping destination in Bucharest.

  • Works on site started
  • Opening set for 2016
  • An investment of €180 million
  • 70,000 m² GLA and 200 shops

Sonae Sierra, the international shopping centre specialist, and Caelum Development, a leading Eastern European Real Estate developer, just started the works for the new shopping centre ParkLake, located in Sector 3, in the eastern side of Bucharest. The shopping centre represents an investment of €180 million and the opening is scheduled for 2016.

The excavation and slurry wall works started and the company that will carry the works is SBR Soletanche Bachy Fundatii. Once foundation level is reached the foundation and structure works will start in parallel.

ParkLake received the building permit in September 2013, implementing the common work of the Joint Venture partners to improve the concept of the shopping centre. ParkLake will offer high quality retail in 70,000 m² GLA with around 200 shops and 2,600 spaces of underground car parking. The centre will offer a unique, environmentally friendly design and a distinctive offering of leisure and sports features connected with the adjoining Titan Park.

The start of the works on site is an important milestone for the development of ParkLake. We are confident we will give Bucharest’s inhabitants a ground-breaking shopping experience in 2016. ParkLake is an important project for the Joint Venture and we are happy to bring both international know-how and experience to the Romanian market

stated Ingo Nissen, Sonae Sierra Managing Director, responsible for Development in Romania.

In addition, Caelum Development CEO, David Sharkey, comments

This new phase of the development shows that everything is progressing as planned. We are working within planned schedule for our objective of delivering the best shopping and leisure destination in Romania’s capital.

With an excellent location in Sector 3 in the eastern part of Bucharest, ParkLake will be only a 10 minutes’ drive from the city centre, and will benefit from substantial road frontage on the 4 lane Liviu Rebreanu road. The location is well serviced with all manners of public transportation including bus, tram and metro, and serves a primary catchment area of more than half a million inhabitants within a 10 min drive-time.


This centre is designed to fulfil the most rigorous and demanding quality requirements, in terms of comfort, safety and environmental efficiency. ParkLake will adopt modern environmental solutions that aim to reduce electricity and water usage as well as maximise waste recycling both during construction and at an operational level. The Joint Venture will develop a shopping centre that combines shopping, services, culture and leisure activities with the latest solutions on safety, maintenance and management equipment, as well as a special attention devoted to the comfort of its consumers, tenants and the local communities.

About Sonae Sierra

Sonae Sierra,, is the international Shopping Centre specialist, with a passion for creating innovative shopping experiences. The Company owns 47 shopping centres and is present in 12 countries: Portugal, Spain, Italy, Germany, Greece, Romania, Turkey, Azerbaijan, Morocco, Algeria, Colombia and Brazil. Sonae Sierra manages and/or lets 81 Shopping Centres with a market value of more than €5.8 billion euros, and a total Gross Lettable Area of 2.3 million m2 with about 8,500 tenants. In 2012, the Company welcomed more than 426 million visits in the Shopping Centres it manages. Currently, Sonae Sierra has 6 projects under development, including 4 for third parties, and 4 new projects in pipeline.

About Caelum Development

Caelum Development,, is a private Irish owned Investment/Development specialist with over 10 years experience in the European Real Estate Market. Based in its Company headquarters in Warsaw, the Caelum Group has an extensive Property Portfolio of 36 Projects throughout Europe and includes 21 Retail Centres with over 200,000sqm GLA. With emphasis on highest professional standards combined with local market knowledge Caelum benefits from a strong dynamic and dedicated team of property specialists, enjoying a growing market position in an ever changing market.

Bucharest, Romania, January 20th 2014

20 ianuarie 2014
Press Release