Biggest Romanian mall owner makes EUR 67.7 mln from rents

Local entrepreneur Iulian Dascalu, one of Romania’s richest, made a turnover of EUR 67.7 million in 2015, up by 10% compared to 2014, from the five shopping malls and seven office buildings he owns. However, his companies’ cumulated profits dropped by 22% compared to the previous year, to EUR 8.6 million, reports local Capital.ro. Iulius Mall Timisoara was Dascalu’s biggest business in 2015, with EUR 20.1 million in revenues. The Palas Iasi mixed project brought him EUR 22.5 million, 70% of which came from the mall within the complex and the remaining 30% came from the office buildings. The Iulius Mall in Cluj-Napoca generated EUR 13.2 million revenues. Iulian Dascalu owns two other malls in Suceava and Iasi. He also owns seven office buildings with a total 80,000 sqm office space, five of which are in the Palas Iasi complex and two in Cluj-Napoca. Dascalu has started working on a new office complex next to his Iulis Mall in Timisoara. The project is called Openville and will cost EUR 220 million. editor@romania-insider.com