Retailer Cora buys land for new outlet in Brasov

Provera Rom, the developer of Cora hypermarkets in Romania, has spent RON 54 million (EUR 13 million) buying the Hidromecanica industrial platform in Brasov to build a new outlet for the French retailer, according to media reports. The platform has a 39,134-sqm surface area and changed hands for EUR 325 per sqm. It was sold to free up funds to repay Hidromecanica’s debts to the Romanian state, with the sale price covering almost the entire sum it owes the tax authorities and other creditors. Provera Rom has already paid 10 percent of the acquisition price.

Provera Rom is owned by Dutch company Delparo BV, which holds 99.9 percent of Romania Hypermarche, owner of the Cora hypermarket network locally. The Hidromecanica plant has been up for privatization twice. The first time was in 2001, when it was bought by Alexander & Co SRL Brasov, and the second was in 2005, when the buyer was businessman Alexandru Garbacea.

Cora owns three stores in Bucharest, one in Cluj, and plans to open another in Drobeta Turnu Serverin.