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Israeli group to launch Plaza Centers in India
| September 16, 2008 |  (Be the first to rate this story!) Loading ... |
Entertainment and shopping mall operator Plaza Centers N V, indirectly owned by the Israeli Elbit Imaging Group, yesterday announced its plans to start leasing 10 western style ’shoppertainment’ properties in India. The Plaza Centres will be designed by Uri Shetrit, the chief architect who is in charge of the whole group’s architectural design and urban planning activities in Europe and Asia. Pathak added, “The centers in India will have their own design which will blend the local architecture with the best in the world.”
Plaza Centers, along with Elbit Imaging has already committed to projects in India with real estate investments of over Rs15, 000 crore. The ’shoppertainment’ projects are slated for Bangalore, Chennai, Cochin, Hyderabad, Pune and Trivandrum. The first project, spread over 3.3 million square feet, will be inaugurated in Pune in the first half of 2010. ‘’There is enormous potential in India for these kind of projects considering the density of population,” said Abraham Goren, Elbit Imaging Ltd, executive vice chairman, heading the activities of Elbit Imaging and Plaza Centers in India. “Our malls will be more hospitable, environment-friendly and spacious compared to the existing malls. The Indian retail sector is more developed in terms of infrastructure and compares favourably with global trends. This gives us the confidence to view ourselves as long-term players in this dynamic and growing market.'’
Ran Shtarkman, CEO and president of Plaza Centers N V, said, “India has experienced significant economic growth over the last seven years, which is expected to continue in the coming decade and the retail sector in particular is booming. Combined with the rapid growth in household income, similar to what the group experienced in its years of operations in Central and Eastern Europe, there is huge demand for western style retail complexes. We look forward to meeting some of this pent-up demand with the delivery of a number of large projects in the coming years, starting with the opening of our Pune scheme in 2010.'’
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