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Israeli company freezes project for shopping mall in Bulgaria's Shumen

Date: 24.11.2008

The Israeli real estate company Plaza Centers NV is suspending 26 projects in Eastern Europe and India, including a EUR 38 M shopping mall project in Bulgaria's Shumen.

The news was reported Thursday by the Israeli business website Globes, which announces that the company was going to go ahead with six other projects already under construction.

The other twenty-five frozen projects are located in Poland, Romania, India, Greece, Serbia, Hungary, and the Czech Republic, and are still in the planning stage, or awaiting construction permits.

A statement of Plaza Centers NV cited by Globes links the freezing of the projects to the effects of the global financial crisis on the real estate sector. The construction of the twenty-six frozen projects will be conditional on the availability of external financing.

The shopping mall in Bulgaria's Shumen was supposed to be constructed in the place of the former vegetable oil factory.

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