Vitantis Shopping Center and Moldova Mall sold for five euros

Equest Balkan Properties sold 51 percent of the company controlling the Vitantis Shopping Center in Bucharest and Moldova Mall in Iasi to a company controlled by businessman George Teleman, partner with Equest Investments Romania. The price was of EUR 5 as the new owner took over the debts of the company.

Vitantis Shopping Center is owned by Union Properties SRL and Vitantis SRL, and Moldova Mall by Rivium Galeria Mall. The three companies are controlled by Balkan Properties Cooperatief, where Teleman owns 51 percent of the shares through Densol Limited.

Vitantis Shopping Center has a rentable surface of 11.362 sqm, out of which 82 percent is currently rented. In the first nine months of 2010 the mall in Vitan registered net operational losses of EUR 1.5 million. Moldova Mall has a rentable space of 9,024 sqm, and has an occupancy rate of 71 percent. In the first nine months of 2010 it had net operational losses of EUR 500,000.