City Mall in Bucharest, auctioned for EUR 33 million, one third of last sale price

Shopping center City Mall in Bucharest, currently insolvent, is up for sale for EUR 33 million, according to Casa de Insolventa Transilvania, the judiciary liquidator. Victoria Holding, the owner of the mall, has a debt of around EUR 73 million. The shopping center filed for insolvency in November last year. Australian investment fund APN UKA bought the shopping center in 2006 for EUR 103.5 million. According to Casa de Insolventa Transilvania, several investment funds, real estate and shopping center developers showed interest in the auction. Recently, City Mall's management has been taken over by Coldwell Banker Affiliates, for a better organization, the statement reads. The three banks that financed the City mall project have to recover from Victoria Holdings EUR 41 million, of which Bancpost - EUR 5 million, UniCredit Bank Austria - EUR 35.7 million, and UniCredit Tiriac Bank - EUR 300,000. Several service providers and business partners of Victoria Holding have to recover some EUR 33 million. APN European Retail Trust, the indirect owner of the shopping mall, has to recover EUR 15 million from Victoria Holding, while Porolis Expert, part of the fund - other EUR 16 million. City Mall has an overall surface of 38,000 sqm, including an overall 19,000-sqm rentable area. Source: Mediafax, editor@romania-insider.com