No Bidders For Bankrupt Bucharest Property City Mall

"There were no task books sold for the March 31 auction. We will continue the sale and set up a new auction on April 20," liquidator representative Vasile Pop told MEDIAFAX Tuesday. He did not mention the new starting price.

For the first auction, the starting price was set at EUR33 million.

The shopping center went bankrupt in November 2010, mainly because owner Victoria Holding was unable to pay the financial costs involved in its purchase in 2006. At that time, the Australian-owned company paid EUR100 million for the mall.

According to the preliminary chart of debts, the three banks that financed the project stand to collect a total 176 million lei (EUR1=RON4.1276). In total, the three lenders funded Victoria Holding with EUR67.3 million when the company bought the mall and built a nearby parking lot.

City Mall has a total surface of 38,000 sqm and a lettable area of 19,000 sqm. The center includes 80 stores, one cafe and restaurant area, as well as a movie theater operated by City Cinema.

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