Potential Buyer For City Mall: We'll Sell It For Sure In A Month, Liquidator Says

05.13.2011 ZF English

City Mall shopping center in Bucharest, currently bankrupt, might find a buyer at the third auction, starting at a price of EUR26.2 million, considering Casa de Insolventa Transilvania, the project's liquidator, sold a document detailing the conditions of contract to an interested investor.

Sources told ZF a potential buyer was Austrian investment fund Immofinanz, the biggest foreign owner of property on the local market, whose portfolio stands at EUR900 million. Immofinanz officials did not comment the information by edition close.

The deadline for buying the conditions of contract document and depositing the auction guarantee is 12 pm on Friday, with the said document costing 5,000 lei plus VAT and the guarantee set at EUR5.2 million.

"We sold a conditions of contract document and I am optimistic.

There is appetite for buying the mall because the price has become attractive. We'll sell for sure in a month," says Radu Lotrean, partner of Casa de Insolventa Transilvania.

The investor that bought the conditions of contract document had not deposited the guarantee by Thursday so that its participation is yet uncertain.