Businessman Iulian Dascalu, the biggest mall owner, but also oneof the most indebted Romanian entrepreneurs, says he is feeling thepressure of instalments for the over 200m-euro loans he hasunderway, but rents collected from operating the four malls allowhim to continue his business, investing around 260m euros in Palasmixed project of Iasi.
"The first thing I think of in the morning are loaninstalments," says Dascalu smiling. "I developed the malls with theaid of banking loans. It would have been a problem if it hadn'tbeen so. For all the market decline, though, cash flow is stillpositive, and the best proof is that banks are still financing us(for the Palas project of Iasi i.e.)," Dascalu stated.
In the past two years, at the height of the crisis, Dascalu hasinvested around 150m euros in the Palas project, due to befinalised next autumn.
Dascalu has borrowed tens of million euros for his projects, butexpects to generate almost 27m euros from renting the four malls heowns in Cluj, Timisoara, Suceava and Iasi this year alone and forPalas projects 10m-euro annual revenues from retail and officespace rental.
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