Plans remain for Casa Radio’s redevelopment
Plaza Centers, which recently went bankrupt, plans to demolish 70 percent of Casa Radio in Bucharest and redevelop the property into a massive-mixed use project. The scheme will include a 76,000 sqm shopping center, 219,000 sqm of office space and a 59,600 sqm residential component. Plaza Centers paid €30m in 2006 for a 75-percent stake in Casa Radio. It is partnering with the Romanian state on the redevelopment plans. The state owns a 15-percent stake in the project.
However, Elbit Imaging, which controls Plaza Centers, had debts totaling €400m at the end of June. Creditors are set to approve the company’s reorganization plans next month. A court in Amsterdam approved Plaza Centers’ request to suspend preliminary payments