CEE listed developer and investor Orco Property Group said on Monday it is joining forces with Franco-Dutch property heavyweight, Unibail Rodamco to develop a major shopping centre on the Bubny plot in downtown Prague.

Under the terms of the agreement, Orco is selling a 37,000-m2 plot in Prague to a new joint venture company in which Unibail Rodamco will own a stake of at least 60%. The shopping centre is set to open in 2017. Financial details were not disclosed.

An Orco spokesperson said further details of the project will be made public in the next few months.

Orco owns a total of 270,000 m2 of land on the former Bubny railway station site. The Paris-based group is planning a major urban project, which will include the shopping centre as well as offices, apartments, hotels, a hospital and a university. The construction is expected to take approximately 10 - 15 years.