Retailigence

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Plaza centers to start leasing shopping cum leisure centers in India

Posted by superstar23 on September 17, 2008

Plaza Centers of the Elbit Imaging Group, today announced its plans to start leasing simultaneously 10 western style `Shoppertainment` concepts it is developing in six cities across India.

Plaza Centers, along with its parent company, Elbit Imaging, has already committed to projects in India with total investments of over Rs 150 billion. Plaza Centers has been developing significant retail and leisure schemes in the Central and Eastern European (CEE) countries since 1996, and, to date, the number of malls it developed, together with the malls under current development, exceeds 50 across nine countries.

Plaza Centers has already embarked on an ambitious journey to carve out a significant niche in the Indian Retail Sector. Established in India for the past three years now, the group has scanned the market and the demography as per its unique methodologies of operations and plans to launch simultaneously in the first half of 2010 the leasing of its first 10 western style “Shoppertainment“ projects in the following 6 cities which include, Bangalore, Chennai, Cochin Hydrabad, Pune and Trivandrum

Plaza Centers believes that there is substantial opportunity to extend its program of investments in retail and mixed-use developments in India and to repeat the same success it had while pioneering western style retail and entertainment in Central and Eastern Europe.

In a press meeting today, Ran Shtarkman, chief executive officer (CEO) and president of Plaza Centers N.V. was highly complimentary about the Indian retail sector. He said, “We have long seen India as an exciting and significant opportunity for Plaza Centers.  The country has experienced significant economic growth over the last seven years, which is expected to continue in the coming decade and the Retail Sector in particular is booming. Combined with the rapid growth in household income, similar to what the Group experienced in its years of operations in Central and Eastern Europe, there is huge demand for western style retail complexes. We look forward to meeting some of this pent-up demand with the delivery of a number of large projects in the coming years, starting with the opening of our Pune scheme in 2010.“

On the eve of the India Retail Forum 2008, Plaza Centers revealed its strong and unique operational strategy which it adopts round the world and would be duplicating in India. The centers comprise of two primary elements; commercial and entertainment. The international and local anchor tenants form the backbone of these elements and around this the smaller retail businesses are introduced, thus providing a wide range and choice of activities for visitors.

In addition, Plaza has recently announced that it has signed a joint venture agreement with its parent company, Elbit Imaging, to develop major mixed use projects in India in conjunction with local Indian partners. The joint venture`s first three projects are located in Pune, Bangalore, Chennai and Cochin.  Combined, these schemes will have a total combined development budget of approximately USD 3.4 billion and a built-up area in excess of 3.8 million square metre (excluding parking spaces).

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