The Oradea Shopping City mall, which went bankrupt last summer, was auctioned by Expert Insolvency SPRL, a company specialised in insolvency, for EUR 8 million. This is the second demise of the shopping mall, which was acquired in 2010 during its first insolvency for EUR 30 million by Shopping Center Holding (SCH), an investor connected with Puiu Popoviciu.
After the 2010 transaction, SCH, a Cypriot offshore, announced investments of EUR 20 million in the shopping center after the transaction to purchase the mall, which was opened in October 2011.
Now, 7 years later, Expert Insolvency SPRL has put the bankrupt commercial center up for auction at a starting price of 8 million euros excluding VAT.
Oradea Shopping City (formerly Tiago Mall) is a 29,700 sqm mall featuring 1,000 parking spaces, developed with an initial investment of EUR 60 million.
The construction of Tiago Mall was part of an investment plan of about EUR 700 million aimed at the development of ten shopping centers in Romania, launched by the Irish companies Mivan Development and Moritz Group.
Mivan has developed Liberty Center mall in Bucharest, and also owned land in Arad, Bacau, Ploiesti, Targu-Mures, Brasov, Sibiu and Galati.