City Mall Bucharest To See Fourth Sale Attempt, At EUR23.58M

Bankrupt shopping center City Mall Bucharest will be put up for sale for the fourth time on June 10, in an auction starting at EUR23.58 million, some 30% less than the initial price of EUR33 million.

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City Mall was initially put on sale on March 31, at EUR33 million, but, since there were no investors, the price was gradually decreased to EUR29.5 million and then EUR26.2 million.

In this fourth auction, the starting price if EUR23.58 million, and the bidding literature needs to be filed by June 8.

City Mall went bankrupt in November 2010, after owner Victoria Holding, a unit of Australia's investment fund APN European Retail Trust, was unable to repay the loans taken for its construction.

According to the preliminary chart of debts, the three banks that financed the project stand to collect a total 176 million lei (EUR42.6 million).

City Mall has a total surface of 38,000 square meters and a lettable area of 19,000 square meters. The center includes 80 stores, cafe bar and restaurant areas, as well as a movie theater operated by City Cinema. (EUR1=RON4.1315)

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