Futureal exits ParkLake shopping center project in Bucharest

Futureal Group has exited the ParkLake shopping center project in Bucharest. The 70,000 sqm scheme was developed by Sonae Sierra and Caelum Development. Futureal provided €19m in mezzanine financing to Caelum for the development. ParkLake opened in September 2016, following a €180m investment. Futureal is now ramping up its activity in Romania through its residential investment subsidiary, Cordia. The company recently unveiled a €50m investment plan for Bucharest for 2019. The plan is part of Futureal’s long-term roadmap for the local market. Cordia is aiming to deliver about 500 apartments per year for the medium and medium-high segments.