Four of the top shopping projects of Bucharest, AFI PalaceCotroceni, Băneasa Shopping City, Unirea Shopping Center andBucureşti Mall, can be valued at more than 1bn euros, taking intoaccount rent income and the yields at which deals with theseshopping centres could be inked at.
The most expensive mall built in Romania so far, AFI PalaceCotroceni, was valued at 350m euros by DTZ Echinox consultancy inlate September. The consultants took into account an 8.5% annualyield, in euros, which could be accepted by potential buyers.Starting from the respective data, ZF tried to assess the shoppingcentres boasting the biggest rent income in 2009.
Băneasa Developments, which owns Băneasa Shopping City, last yeargenerated 31.3m-euro revenues. Thus, the project controlled byGabriel Popoviciu can be valued at 330-370m euros provided revenuesremain constant in the following years and potential investors buythe property at an 8.5%-9.5% yield in euros annually.
Adamescu family last year posted 23m-euro revenues related toUnirea Shopping Center of Bucharest and Braşov, with the Bucharestproject put at around 180-200m euros.
The Vitan mall in 2009 reached 19m-euro revenues and can thus beput at over 200m euros.
However, buyers for such projects are hard to find during thisperiod because of the high borrowing costs.
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