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Plaza Centers plans €200 mln shopping center

Israeli property developer Plaza Centers plans to open a €200 million shopping and entertainment center on the site a former horse racetrack in Budapest in autumn of 2007, the company announced on Tuesday. The center will be the company's 17th investment in Hungary, and the biggest shopping center in Central and Eastern Europe, Plaza Center's CEO and owner Motti Tisser told a press conference.


In addition to 180,000 square meters of retail space, the center will feature a 2,500-3,000 square meter amusement park, discotheques and special movie theaters. Plaza Centers will also open an art gallery at the center.


Undersecretary at the Economy and Transport Ministry Tibor Szanyi told the press that Plaza Centers has invested about €1.3 billion in Hungary over the past eight years, accounting for 2%-3% of total FDI during the period. Plaza Centers is planning another shopping and entertainment center on an old industrial property on an island in the Danube in the north of Budapest. In 2007, it plans to open a five-star hotel in the Dreschler Palace, opposite the Hungarian Opera. The company has built 20 shopping and entertainment centers in Hungary, Poland and the Czech Republic.