Mas Real Estate closed this week the EUR 95 million transaction for Militari Shopping Center, acquired from Atrium European Real Estate. The transaction was the most important retail deal in Bucharest since the end of 2014, and it was intermediated by JLL consultants.
”We are excited to have had the opportunity to work alongside our client, Atrium, and their transaction team as well as the team of Mas REI for the successful sale of Militari Shopping Centre. JLL continues to be the advisor to successfully represent institutional sellers of dominant retail assets in Romania,” Silviana Petre Badea, Managing Director, JLL Romania said.
The transaction represents a milestone for retail investment in Romania given the low availability of product as well as the lot size.
“This is an exciting transaction as it demonstrates increasing investor appetite in the Romanian retail market and it provides a new benchmark for shopping centre pricing” added Andrei Văcaru, Associate Director, Capital Markets at JLL Romania.
Militari Shopping Centre, with a gross leasable area of 54000 sqm host a large variety of brands including the most sought after and successful international retailers present in Romania such as Auchan, H&M, Decathlon, C&A, New Yorker, Reserved and Praktiker
The Romanian retail market continues to evolve, with retail sales in the first five months of 2018 increasing by 7.5%, marking the seventh straight year of growth. With no new shopping centers planned in Bucharest, the performance of dominant projects such as Militari Shopping Centre has been impressive in recent years which, combined with a positive outlook, makes them very attractive for investors.