The drop in market value is estimated at EUR 4.8 million. The fund acquired the commercial center in 2006 from Victoria Holding, controlled by British investors, following a transaction worth EUR 103.5 million. The commercial center's first sale price was EUR 46 million, the amount paid by Victoria Holding for City Mall when it acquired the project from developer Jaguar Development, controlled by Greek and Israeli businessmen.
City Mall was opened in 2004 and required EUR 35 million in investment. It covers 38,000 sqm with 19,000 sqm in leased area and comprises 80 shops, restaurants and coffee shops and a cinema operated by City Cinema. In 2007, the fund invested EUR 13 million in the construction of a 31,000-sqm car park adjacent to the mall, a site which includes a retail area.
With 10 major retail projects scheduled for completion from 2008-2012 in Bucharest, modern retail stock in Romania is expected to triple by 2009, reaching nearly 1.8 million sqm, according to the studies.