Israeli investor in talks to sell distressed Jupiter City Pitesti shopping centre
Doron Ofer, the descendant of the richest Israeli family with Romanian origins, reportedly negotiates with the Austrian group Supernova to sell the Jupiter City shopping center in Pitesti, the most valuable real estate asset he owns on the Romanian market.
The transaction takes place under "distressed" conditions, and the sale price is estimated at under EUR 20 mln, Profit.ro reported.
The transaction is expected to be completed by the end of this year.
"Being a top private real estate company, with a long-term property acquisition and retention strategy and focused on high-quality properties, we closely monitor the attractive Romanian market," Johannes Wurzer, Head of Mergers & Acquisitions at Supernova, told Profit.ro.
However, he didn't comment on the negotiations for Jupiter City. The Jupiter City shopping center opened in 2008 and is a major commercial project in Pitesti and Arges county.
However, part of it - formerly occupied by a Praktiker do-it-yourself store, was abandoned a couple of years ago, and the owner hasn't found a tenant yet.
The project has a leasable area of 45,000 sqm, 1,800 parking spaces, and hosts stores such as Carrefour, Mobexpert, Media Galaxy, Decathlon, H&M, Bershka, Pull & Bear, Stradivarius, New Yorker, Sephora, Intersport, Orsay.
Last year, Jupiter City ranked 51st among the commercial centers in Romania with a rental income of about EUR 4 mln and a net profit of EUR 1.8 mln, according to a ranking compiled by Profit.ro.
(Photo: Jupiter City Pitești Facebook Page)