Portuguese commercial center developer Sonae Sierra lost more than EUR 50 M last year following the reevaluation of lands and works completed in southern cities of Ploiesti and Craiova, according to the company’s executive manager, Alvaro Portela, Mediafax informs.

EUR 50 M was already spent. Construction works were started only at the complex in Craiova, but were stopped soon afterwards, despite the fact that 60-70 percent of the areas were booked.

The other two projects were delayed.

Banks are willing to finance less than 60 percent of the necessary investment to open a commercial center in the current economic conditions, according to Portela.