The Hindu Business Line : Plaza Centres plans mixed use complex project

Thiruvananthapuram June 23 The Netherlands-based Plaza Centres N.V. has announced a $150-million project to develop a mixed use - office, shopping and entertainment - complex in Thiruvananthapuram.

Mr Ran Shtarkman, President and CEO, Plaza Centres, told Business Line that the project in Thiruvananthapuram would be developed as a joint venture with the Pune-based Panchshil Group and would cover 2.1 million sq ft of built-up space. The two companies are also working together on a similar project in Pune. In fact, in February this year, Plaza Centres announced two mixed use construction projects in Pune district that would involve an investment of approximately $265 million.

An indirect subsidiary of Israel's Elbit Medical Imaging Ltd, Plaza Centres is a developer of shopping and entertainment centres and has so far focused on Central and Eastern Europe. "We have completed 24 projects in Eastern and Central Europe and would like to duplicate that success in India," Mr Shtarkman said. The company was exploring options for other projects in India, he added.

Plaza Centres was interested in developing mixed use projects in any Indian city where good land, in or close to the city centre, was available, he said. "You can expect to hear more announcements from us soon," he added.

In Thiruvananthapuram, 10.78 acres of land required for the project had already been acquired and construction would begin early next year, Mr Shtarkman said. The project was scheduled to be completed by 2010, he added.

The components of the project include a shopping and entertainment centre built over an area of 720,000 sq ft; an office complex with a total area of around 970,000 sq ft; and a hotel and apartment hotel occupying an area of around 400,000 sq ft.

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