Head of Sonae Sierra: Of course we will stay on the Romanian market

"The question is not how much time we have lost because of the crisis, but how much more time we will lose," says Ingo Nissen, country manager of Portuguese-held Sonae Sierra, one of the biggest mall owners in Europe, which, after three years on the Romanian market, has yet to build anything.

The Portuguese have an operating mall in Ramnicu-Valcea, acquired in 2007, and have bought two plots in Craiova and Pitesti, as well as a 50% stake in the ParkLake Plaza mall project, in Bucharest's Titan district, but the crisis, retailers' reluctance, and financing difficulties have led to an investment freeze.

An overall 900 million euros in investments had been originally announced for the three malls. In the meantime, the crisis has adjusted the numbers, with the Portuguese group now focusing on the Craiova mall.

"Of course we will stay on the Romanian market," the manager says. We are doing the most work for the Craiova project. We have signed new contracts, with Cora, Cinema City, Maxbet, and will announce two new tenants over the coming period. 30% of our space is rented in advance, but we think we need around 50-60% of the space rented in order to secure the financing," adds Nissen.