The Bucharest Court has approved the request to enter insolvency filed by Belgian developer Belrom through the Bel Rom Sapte company, for its Promenada Mall in Focsani, eastern Romania.
Bel Rom Sapte’s own insolvency request comes after several other companies have filed similar requests. Moreover, this is the second company controlled by Belrom which files for insolvency this year. Last month it filed a similar request for the Electroputere Parc Craiova shopping mall, which was developed by K&S Electric Power Point, another company owned by Belrom. This time around the Belgian developer opted for the insolvency procedure in order to avoid a foreclosure request filed by NM Construct, the project’s general contractor. Electroputere Craiova was opened in 2011.
Promenada Mall Focsani was opened in September 2008 and has a total built area of some 51,500 sqm. It is anchored by Carrefour and Bricostore.
Belrom was set up in 2004 and has since developed 7 retail parks in Romania. In 2009 it sold its Braila retail park for EUR 63 million to South-African investment fund New Europe Property Investments (NEPI). NEPI was also supposed to buy Belrom’s retail parks in Focsani and Bacau but the two companies did not reach an agreement. Over the past five years Belrom has managed to sell another two retail parks it developed in Sibiu and Targu Mures to Argo Real Estate and French group Natixis, respectively.