The owners of City Mall shopping centre in Bucharest, Australianinvestment fund APN European Retail Property Group, have filed forthe insolvency of Victoria Holding subsidiary, the company whoseportfolio includes the mall in the Eroii Revoluţiei Squarearea.
The move comes after the company defaulted on a 40 million-eurodebt to UniCredit due this month.
The Bucharest Court of Law is set to rule on the insolvencypetition today, with this being the first shopping centre inBucharest that could become insolvent, and later bankrupt.
The first mall in Romania to enter bankruptcy proceedings, Tiago inOradea, was also financed by UniCredit, but later a buyer wasfound, a company controlled by businessman Gabriel Popoviciu.
Opened in 2005, City Mall was the third modern shopping centre inBucharest and the biggest real estate transaction in Bucharest in2006, when it was purchased by the Australians for 103.5 millioneuros. The mall is now worth 34.5 million euros.
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