Liquidators to sell Bucharest City Mall through direct negotiation

After five failed auctions, the creditors of bankrupt Bucharest shopping center City Mall have approved the plan to sell the mall through direct negotiations for an evaluated price of some EUR21 million, announced Casa de Insolventa Transilvania (CITR), the project’s judicial liquidator. The deadline for placing offers is September 16.

According to the same source, several investors have shown interest in the project. “This is definitely the last stage for the sale of City Mall and it will be successful. Presently, negotiations with several investors are close to closing a deal,” said  Andreea Anghelof, senior partner with CITR.

City Mall’s initial price was about 36 percent higher at around EUR 33 million. The new price was settled considering market conditions and the result of the failed auctions, said CITR representatives.

City Mall entered insolvency in Novermber 2010 after its owner, Victoria Holding which is part of the APN European Retail Trust, an Australian investment fund, could no longer pay the loan it got in 2006 for buying the shopping center.

Simona Bazavan

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