MAS Real Estate pays EUR 320 mln to Prime Kapital for six shopping malls in RO

MAS Real Estate, a JSE-listed real estate company, announced that it is buying from PKM Development a portfolio of six shopping centers in Romania for almost EUR 320 mln, Economica.net reported.

The announcement comes as it expands into Central and Eastern Europe (CEE) and takes full control of the development joint venture PKM Development’s six subsidiaries, which own the centers.

The purchase price before the adjustments with working capital and bank debts is EUR 320 mln, and the purchase price after these adjustments is about EUR 197 mln, the company announced.

The transaction is due to be completed before August 15 this year.

The six shopping centers have a total leasable area of ​​132,000 sqm, the largest being Dâmbovița Mall in Târgoviște, which opened in the summer of 2020 and which has a leasable area of ​​31,000 sqm.

In 2019, MAS paid EUR 109 mln to PKM Development for nine strip malls.

With the new acquisition, MAS RE reached a number of 17 commercial properties in Romania, of which 15 were developed by Prime Kapital.

PKM Development is an associate of MAS that houses the Development Joint Venture (“DJV”) between Prime Kapital Holdings Limited (Prime Kapital, founded by Martin Slabbert and Victor Semionov) and MAS.

Prime Kapital owns 60% of the ordinary share capital of PKM Development.

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