Local fire extinguisher producer buys local mall from GTC

Globe Trade Center (GTC) Real Estate sold its Galleria Buzau shopping center to a Romanian company which makes and sells fire extinguishers. The buyer, called Eurosting, has a EUR 8 million yearly business, and will take over the retail center, including the existing leases. The company plans to reposition and re-brand the shopping center, according to its representatives. It will work with Crosspoint to reposition the mall and reshuffle the tenant mix. Crosspoint Investment Banking & Real Estate has helped the buyer get financing for the purchase, whose value it did not announce. GTC opened Galleria Buzau in 2008. On some 14,000 sqm of leasable area, it hosts tenants such as Leonardo, TinaR, Fox, Casa Rusu, Flanco, Adidas. “This is the first major retail deal in 2015. We have positive signs for mergers and acquisitions this year, in various fields, and we believe we will see several significant market deals this year,” said Codrin Matei, managing partner, Crosspoint Investment Banking & Real Estate. GTC has been disposing of its shopping centers across Romania, all of which opened under the Galleria brand. In 2013, it sold its mall in Suceava, in Northern Romania for just EUR 800, as the shopping center also had significant debt. It currently analyzes offers to sell any of the two similar malls in Arad and Piatra Neamt, according to recent information. GTC’s Romanian assets devalued last year by more than EUR 36 million. These include the office complex City Gate in northern Bucharest and its two retail gallerias in Arad and Piatra Neamt. editor@romania-insider.com