Israeli BIG Developing Serbian Mall

NOVI SAD, SERBIA-Israeli-backed joint venture Big CEE is starting construction of its first shopping mall in Novi Sad, Serbia, and laying plans to roll out its concept over the next couple of years in at least 10 others planned across the nation. Novi Sad, a 90,000-square-meter development near the city center, is the first among investments planned on the outskirts of Nis, Subotica, Serbia, Jagodina, Sabac, Kragujevac, Zrenjanin, Krusevac and Cacak, their value ranging between €20 million to €50 million.

Big CEE also plans to build the biggest shopping and residential center in Belgrade with 460,000-square-meter GLA for €400 million. “We believe we are at the end of the economic crisis and that now is the right time for investments,” Serbia director Robert Jahav told the PropertyXpress website. Added Mark Barnes, from Big CEE’s leasing agent King Sturge: “Retail parks are new to the Serbian retail market and the development of the flagship scheme at Novi Sad will structurally change the overall shopping scene in the country. We predict that edge-of-town retail parks will be one of the most exciting developments in the market for some time to come.”