GTC cancels the sale of malls in Piatra Neamt, Suceava and Buzau


Globe Trade Center (GTC) canceled the sale of the malls it operates in Piatra Neamt, Suceava and Buzau, because the Israeli developer has not reach an agreement with the international investor that announced it was negotiating the transaction, in November 2012, Mediafax informs. Last November, GTC announced that it will sell to an international private investor the three malls that ran into financial trouble these years because of a sale decline, in a transaction estimated at EUR 6-7 M. “GTC put these properties to sale and decided to focus only on large-scale retail projects because of changing market conditions and relatively high operating costs for small assets,” GTC officials said.