City Mall put up for auction for 33m euros, 70% less than last transaction -
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News » February, 2011 » 17 February 2011

City Mall put up for auction for 33m euros, 70% less than last transaction
17.02.2011, 07:54 | Real Estate | 616 views

City Mall Shopping Center in Bucharest, which went bankrupt at the end of last year, will be put up for auction on March 31st for a starting price of 33 million euros, 70% lower than the transaction concluded four years ago, in which Australian group APN European Retail Trust paid over 100 million euros for the mall in the Eroii Revoluţiei area.

In other words, the banks - UniCredit and Bancpost - which have a 40 million-euro exposure to the project, took on a potential loss of nearly 20%, while the remaining lenders of Victoria Holding, City Mall owner, will probably not get even one eurocent back.


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