Sonae Sierra, a Portuguese real estate developer and owner of River Plaza mall in Ramnicu-Valcea, will take over 50% of Arena Mall shopping centre in Bacau, in a deal worth 40-45 million euros.
"The transaction will be closed on December 20, and will revolve around 40-45 million euros," Ovidiu Budeanu, the current majority shareholder of Arena Mall and president of the company, told ZF.
Budeanu currently holds 90% of the company, with the remaining shares owned by another Romanian partner, Laurentiu Dan Rau, according to data from the Trade Registry. Under the circumstances, the Bacau-based businessman is set to collect around 40 million euros from the transaction with the Portuguese group.
The investment in the entire Bacau project amounted to around 30 million euros, whilst the transaction carried a 7% annual yield in euros.
Arena Mall has a lettable area of 19,500 square metres, and was built on the site of a former footwear manufacturing plant. Consulting firm Eurisko acts as the project's broker.
"With the money I receive, I intend to build another mall in Moldova, but only after the work in Bacau is finished. By 2010, I hope to double the surface area of this mall, to 70,000 square metres, using 25,000 square metres of land I own in the area," added Budeanu.
At present, the shopping centre is let out to over 100 retailers. There is also a church within the mall, whilst next year an 8-screen cinema called Cinema City is scheduled to open.
Sonae Sierra is one of the most active players on the local shopping centres market. After the acquisition of the River Plaza mall in Ramnicu-Valcea (for 42 million euros), the Portuguese have announced another two projects in Craiova and Ploiesti, where they will invest almost 300 million euros.
Bacau is one of the most sought after cities for real estate developers, whilst players such as BelRom, Mivan and Plaza Centers have already announced plans for new shopping centres in this area.
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