Israels GTC to sell Romanian shopping malls at 10% of investment cost.

By bne IntelliNews November 5, 2012
Israeli developer Globe Trade Center (GTC) will sell three shopping malls in Romania at an overall estimated price of EUR 6-7mn, news agency Mediafax reported, quoting GTC's supervisory board chairman Alain Ickovics as saying. The buyer is an unnamed foreign investor. The developer has invested EUR 65mn in the three projects, the news agency specifies, quoting previous data released by GTC. The EBRD and Raiffeisen have provided EUR 30mn of the total financing. The deal is going to be completed in the first quarter of next year. The three shopping malls are located in the cities of Piatra Neamt, Suceva and Buzau - in the low-income northeastern part of the country. Each of the three malls for sale has an area available to let of between 10,000 and 14,000 square metres, while the remaining GTC properties in Romania have around 30,000 square metres each, Alain Ickovics said. The three small malls lack synergies with the larger GTC investments, the company executive explained. Notably, the other GTC properties are located in the office area in the capital Bucharest - apart from one shopping mall situated in the western city of Arad.

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