EMCC European Monitoring Centre on Change



Geographic Location

Country: Romania
Region: Bucuresti; Bucuresti
Location of affected unit(s): Bucuresti


Sector: Retail
Wholesale and retail trade; repair of motor vehicles and motorcycles
47.7 - Retail sale of other goods in specialised stores
Group: Sonae Sierra & Caelum Development

Employment Effects

Announcement Date: 17-03-2016
Type of Restructuring: Business expansion
Employment Effect Start: 31-03-2016
Foreseen End Date: 30-09-2016
Planned Job Creation: 3500

Additional Information

ParkLake shopping center will open in September 2016, following a 180 million euro investment.This is a joint venture project of Portuguese retail centre developer Sonae Sierra and Irish real estate developer Caelum Development. According to official sources the construction is almost complete. Located in Titan neighbourhood in Bucharest, the shopping centre is expected to generate some 3,500 jobs.

Update, 4 July 2016: Construction of the ParkLake shopping centre is now complete. The opening is scheduled for 1 September 2016.