Shareholders of former communist mall in Bucharest decide not to sale it

The shareholders of the Cocor shopping center in downtown Bucharest have rejected the proposal to sell the store and hire a consultancy firm for the sale. The investment fund Broadhurst, which has a direct stake of 13% in the Cocor store, asked for the sale of the store on April 21. The store’s other big shareholders are Liviu Ursan with a stake of 14.8%, Daniel Stoica, with 14.65%, Romanian investment company SIF Transilvania (10.2%), and SIF Muntenia (10%). In 2008, the company’s management decided to invest EUR 24.5 million in the modernization of the former communist store. The commercial center got a new façade, but failed to attract enough tenants. Moreover, the revamping project was financed with a bank loan, and Cocor started having problems with paying back its loan. editor@romania-insider.com