Owner of City Mall Bucharest asks for insolvency

Newsroom 02/11/2010 | 13:08

Victoria Holding, the owner of the City Mall Bucharest, requested last week to enter the insolvency procedure after the company shareholders announced they have difficulties in paying back a EUR 40 million credit contracted from Bank Austria, Mediafax reported. Victoria Holdings is the fund through which the Australian investment fund APN European Retail Trust owns the City Mall Bucharest. APN European Retail Trust bought the mall in 2006 with EUR 103.5 million. In mid this year, the mall has been evaluated at EUR 35.4 million. In the first six months of this year, APN European Retail Trust reported revenues of EUR 308,000 from renting the City Mall in Bucharest, ten times less than in the similar period of last year.

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