Dutch company Plaza Centers NV along with Elbit Imaging Group is planning to invest Rs 15,000 crore in retail and mixed-use developments in India in conjunction with local Indian partners. Ran Shtarkman, president and chief executive officer, Plaza Centers NV said, ?Plaza Centers plans to start leasing simultaneously 10 western style ?Shoppertainment? concepts it is developing in Bangalore, Chennai, Cochin, Hyderabad, Pune and Trivandrum in India.? Plaza Centres NV is an indirect subsidiary of an Israeli public company, Elbit Medical Imaging Ltd and one of the world?s leading developers of entertainment and commercial centres.
According to Shtarkman, ?The joint venture?s first three projects are located in Pune, Bangalore, Chennai and Kochi. Combined, these schemes will have a total development budget of approximately $3.4 billion and a built-up area in excess of 3.8 million sq m (excluding parking spaces). We are currently talking to a local partner for developing mixed use development projects in India.? However, he refused to divulge details about the local partners due to competitive strategies.
Plaza Centers has been developing significant retail and leisure schemes in central and eastern European (CEE) countries since 1996. To date, the number of malls it developed, together with the malls under current development, exceeds 50 across nine countries.
Abraham (Rami) Goren, vice chairman, Elbit Imaging added, ?We see a huge opportunity in India, and have long-term plans for the country. Like at the global level, we intend to launch several path-breaking innovations in India, so that both our customers and our tenants derive immense value.? Among the company?s international tenants are Carrefour, Tesco, Hugo Boss, Zara, McDonald, Benetton, Vodafone, Apple, Levis, Lee Cooper, Nike, Gucci, Swarovski and Pizza Hut.
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 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.
Plaza Centers NV is a leading emerging markets developer of shopping and entertainment centres. It focuses on constructing new centres and, where there is significant redevelopment potential, redeveloping existing centres in both capital cities and important regional centres. The company is dual listed on the Main Board of the London Stock Exchange and, as of 19 October 2007, the Warsaw Stock Exchange.