GTC gets rid of non-performing malls in Romania

Real estate developer Globe Trade Center (GTC), which has been divesting its non-performing shopping malls in Romania in recent years, sold in September its shopping center Galleria Arad. The buyer is Casa Suprema, a local company active in real estate, controlled by Syrian citizen Abdulwahed Nour-Ideen, reports local Economica.net. The transaction’s value was some EUR 2.1 million, according to GTC’s most recent report. In August, the company got rid of its Galleria mall in Piatra-Neamt. The shopping project in Piatra-Neamt was sold for EUR 2.7 million. GTC has other assets in Romania up for sale, including a land plot for a mall in Bistrita. Starting 2012, the developer has been trying to sell the malls built in Romania under the Galleria brand. Meanwhile, it is turning to office project acquisitions. In April this year, GTC acquired two office buildings in Bucharest, namely Premium Plaza and Premium Point for EUR 32 million. The group also owns the City Gate office towers near the Romexpo exhibition center in Bucharest. editor@romania-insider.com