British Westhill real estate developer, which planned investments worth some 500 million euro in Romania, exited the local market, after the contract for the development of the Ploieşti-based Zenith mall was terminated by the project's beneficiary, the Lewis Charles investment fund, Standard.ro reported.

Тhe company's projects are frozen. There is only one person left in Romania, in charge with administration, according to the former Manager of Westhill Romania, Andrei Pănculescu.

The British company paid a total of 14 mln euro for a 10 hectare plot of land in Ploieşti in 2006. The land was later on acquired by Lewis Charles, which was to come with the funds necessary for the development of a shopping center in partnership with Westhill.

However, in March 2009, the investment fund sold the project to the Irish Blackpearl Property enterprise, for a modest amount.

The Zenith mall, whose total development cost was initially estimated at 140 mln euro, was to have a leasable surface exceeding 58,000 sq. m. Westhill planned to acquire a further six hectares of land in Ploieşti, where it intended to develop a mixed project, with housing units and offices. The cost of this project was estimated at 100 mln еуро. The company was also planning to build three malls, of which two in Romania and one in Bulgaria.

Source: Standard.ro