BUCHAREST, Romania, Nov. 6 (UPI) -- Israel's Plaza Centers group is to invest $865 million in a project that would include a shopping center, a hotel and two 40-story office towers in Romania.
Mordechay Zisser, president if the Europe Israel group that controls the Plaza Centers company, said that in additional to the Dambovita Center in Bucharest, his firm planned to invest $580 million in four real estate projects in major Romanian cities, the Romanian NineO'Clock online said Tuesday.
Bucharest's Dambovita Center is to be built on 148 acres, of which a mall will spread on 30 acres. The project will include two 40-story office buildings, a 5-star hotel of 320 rooms and an apartment-hotel of 115 rooms.
Zisser said construction of the Dambovita complex should begin in early 2008 and be completed by 2012.
Real estate projects in Timisoara, Miercurea Ciuc, Iasi and Slatina should be completed in two years.
The Dambovita Center in Bucharest will become property of the Romanian state 49 years after it is put into operation, the NineO'Clock said.