Vitantis Park sold to Revetas Capital for over EUR 20 mln

Newsroom 08/08/2014 | 13:40

Equest Balkan Properties sold the commercial park Vitantis Shopping Center, next to the Vitan auto-market in Bucharest, to Revetas Capital, specialized in acquiring projects with financial difficulties, in a deal that included taking over debts of over EUR 20 million.

“The transaction consisted in a transfer of debts and it was finalized at the end of June”, according to Revetas Capital representatives who declined to mention the value of the transaction.

According to sources in the real estate market quoted by Mediafax, Revetas took over debts of over EUR 20 million, while in the most recent market report from JLL the transaction is said to be worth EUR 26 million. Revetas Capital transferred the money through Revetas Fund I, which brings the total of projects it owns in CEE to 15.

“This is the first of several acquisitions we are planning in Romania. Revetas Fund I will invest in repositioning and rebranding Vitantis, opened in 2008. The strategy is to offer a large commercial center aimed at families and at the people that work in this area of Bucharest”, according to Radu Boitan, senior investment director for Revetas.

Revetas Capital is active in the region and has offices in London, Bratislava, Vienna, Krakow and Bucharest. The company manages an investment fund with a EUR 400 million capital. Vitantis is EUR 44 million in debt, most of which is owed to Unicredit Bank. The commercial park offers a leasable area of 36,000 square meters and Carrefour, Casa Rusu, Praktiker and Domo are some of its most important tenants. According to the last information available, the park is currently at 70 percent occupancy rate.