Israelis to Turn Bombed Belgrade Ministry into Mall

The new 100,000 square meters complex will replace the building of the former Yugoslav Federal Interior Ministry, which was heavily bombed during the 1999 NATO air war against Serbia, launched to end its crackdown on Kosovo Albanians.

“Plaza Centers N.V. will partner a local Serbian developer for the project, which is expected to have a gross development budget of 150 million euros,” the company said on its official web site.

The local partner, Total Holiday company, will also participate in the development with up to 15 per cent of its value while the project management will be rendered solely by Plaza.

“We are very excited to be taking our first steps into the Serbian market, where we believe our skills and experience in delivering large-scale mixed-use developments can produce significant value, both for our shareholders and for the centre’s tenants and visitors,” Ran Shtarkman, president of Plaza Centers N.V., said in the statement.

Plaza Centers N.V. is an emerging markets developer of shopping and entertainment centres. The Company is an indirect subsidiary of Elbit Medical Imaging Ltd.

Earlier this month the former police headquarters building was sold to Total Holiday for 29.1 million euros, following three unsuccessful bids launched by government’s Property Directorate.

In March, Austria’s Soravia Group purchased the building for 35 million euros but the deal was cancelled shortly after, following disagreements over the terms of contract between the Austrian company and the Property Directorate.