The Liberty Center shopping mall in the Rahova neighborhood in Bucharest will go under the hammer on August 7 part of a forced execution plan. The auction will start at EUR 60 million, according to legal executor Bogdan Dumitrache.
The shopping center has accumulated debt worth some EUR 61 million, to three banks – Eurobank EFG, Alpha Bank and Bank of Cyprus.
Liberty Center was opened in 2008 following a EUR 70 million investment. It has a total surface of some 70,000 sqm. It had an occupancy rate of 100 percent in the opening day, but in the years that followed it started loosing tenants such as Diverta, Starbucks, Marks&Spencer, Forever 18 and Burger King.The mall is owned by Irish family Mivan and the Awdi family.