Plaza Centers NV has begun development of a 22,000-square-metre shopping centre in Kragujevac, Serbia. The property, which is already 70 percent pre-let, is expected to be completed in the first quarter of 2012. Plaza Centers has obtained financing for €33 million — 70 percent of the development costs.

In other news, Plaza Centers is developing a retail project in Poland with 70 percent financing of €52.5 million. The GLA Torun Plaza, totalling 39,000 square metres, was started in the third quarter of 2010 and is expected to be completed in the fourth quarter of 2011.