GTC sells shopping mall in Northern Romania for just EUR 800

Real estate developer GTC has sold the mall Galleria Suceava in Northern Romania for only EUR 800, after having invested around EUR 25 million in developing it. The mall was bought by a company owned by local businessman Costica Tudosa. According to its latest financial report, GTC sold the 10,800 sqm mall in Suceava in July this year, while the similar shopping centres in Neamt and Buzau are still for sale. The Suceava mall was sold without any tenants, after all three shopping malls were impacted by a weak retail market. The report does not mention whether the EUR 800 sale also included a debt package. GTC also owns a Galleria shopping centre in Arad, which is evaluated at some EUR 35 million. The developer also owns the City Gate office towers in Bucharest's Free Press Square (Piata Presei Libere), a 48,000 sqm office compound evaluated at some EUR 159 million nine months into 2013, according to GTC's report. The developer posted EUR 23.4 million revenues in Romania and Bulgaria in the first nine months of 2013 in Romania, up from EUR 21 million in September 2012. The full financial report is here. editor@romania-insider.com