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Elbit’s Plaza Centers Opens $66 Million Mall in Serbia

March 20 (Bloomberg) -- Plaza Centers NV, an Israeli property developer focused on eastern Europe, is opening its first Serbian commercial space today in a city where Fiat SpA helped revive the local auto industry.

The 60,000-square-meter (642,000 square-foot) shopping mall in Kragujevac cost more than 50 million euros ($66 million) since construction began in 2008, said Sagiv Meger, Plaza’s director for Serbia. Amsterdam-based Plaza has another three projects in the Balkan country.

“Plaza Centers is focused on the whole of Serbia, we are looking for new lots in key cities,” Meger said in e-mailed comments ahead of the opening in Kragujevac, 110 kilometers (70 miles) south of Belgrade. The mall is the city’s first modern retail center, with more than 100 stores and a six-theater cinema.

A subsidiary of Elbit Imaging Ltd,, a member of Europe Israel Group controlled by Mordechay Zisser, Plaza plans a 70,000-square-meter mixed-use complex with hotel, retail and office space in Belgrade, a 45,000-square-meter retail and entertainment center also in the Serbian capital, and a retail park in the southern city of Krusevac.

To contact the reporter on this story: Misha Savic in Belgrade at msavic2@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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