BUSINESS

Star Imob Construct, the new owner of City Mall

The Transilvania Insolvency House (CITR), the judiciary liquidator of City Mall, announced yesterday in a press release that, following direct negotiations with the six investors interested in buying City Mall, the building was sold to Star Imob Construct at a price 83 pc lower than the price at which it was put on auction by the judiciary liquidator. As far as CITR is concerned, the new owner can take over the management of the project even before making the full payment, which is estimated to take place in a month, but will not be allowed to make modifications before it receives full ownership. City Mall Bucharest went bankrupt last year and was sold for EUR 17.3 M to a company controlled by Greek businessman Ioannis Papalekas, who owned it in 2006 too, and sold it for EUR 103.5 M to Australian fund APN European Retail. “The transaction proves the fact that the evaluation ordered by CITR, which coincided with the initial price at which negotiations were started, of about EUR 21 M, was closest to the market value of the project,” said Andreea Anghelof, Managing Partner CITR.

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