Loss-making Iasi and Bucharest shopping centres sold for five Euro
IASI AND BUCHAREST London-listed East Balkan Properties (EBP) has sold southeast Bucharest’s Vitantis Mall and Iasi’s Moldova Mall to Romanian businessman George Teleman for five Euro February 2011 - From the Print Edition
The UK-based investment company believes the two properties have no chance of turning a profit for its shareholders and represent a cost burden, but the company states it will retain a minority 49 per cent stake.
The 82 per cent-rented Vitantis Mall is anchored by Carrefour, Technomarket and Praktiker and the 71 per cent-rented Moldova Mall by Technomarket.
In the first nine months of 2010, Vitantis recorded a net operating loss of 1.5 million Euro and Moldova Mall of 0.5 million Euro. EDP did not predict that conditions for the malls would improve in the short-term.
Teleman is the director of EBP’s subsidiaries and is a director of a company holding property management contracts for EBP.
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