February 9 (SeeNews) - Israel-based BIG Shopping Centers plans to invest 40 million euro ($43 million) to expand its presence in Montenegro, the government in Podgorica said.
The Israeli company plans to revamp its existing shopping centre BIG Fashion in Podgorica, creating additional 17,000 square metres of retail space, the government said in a statement on Thursday, after prime minister Milojko Spajic met with BIG Shopping Centers officials.
The investor also plans to build a large underground parking lot at BIG Fashion, it added.
In addition, BIG Shopping Centers is ready to launch works on projects in the northern town of Niksic and in the town of Radanovici, located in the Adriatic municipality of Kotor, on the Adriatic-Ionian motorway. The statement gave no details on the planned projects.
The Israeli company hopes to start works on the above projects this year, once all administrative issues are cleared, the government said.
Founded in 1994, BIG Shopping Centers operates in Israel, the US, France, Serbia and Montenegro. In Serbia and Montenegro, it is active via its Dutch-based subsidiary BIG CEE.
In November, the European Bank for Reconstruction and Development (EBRD) extended a 100 million euro ($107.3 million) loan to BIG CEE to finance the development, upgrade and acquisitions of modern retail parks and shopping centres in Serbia and the Western Balkans. The EBRD has noted that the total project cost will be 150 million euro.
($ = 0.930 euro)