Equest loses 2m euros from sale of project in Targoviste

Real estate investment company Equest Balkan Properties (EBP) lost around 2.4 million euros after selling the Modul Shopping Center in Targoviste. The company sold the shopping centre in August for 4.3 million euros, 3.7 million euros less than the acquisition price paid two years ago, according to a company release published on the London Stock Exchange. "Nobody wants to lose, but if they had somewhere better to place their money, they made do with losing money here. All investors that brought money in have a board of directors above them, they are listed funds, and it all depends on interest for a specific property or another," said Razvan Gheorghe, general manager of real estate consultancy Cushman & Wakefield. Equest announced as early as last autumn that it intended to sell the majority of properties it held in Romania, ten at the time, with the leading ones being Vitantis retail park in Bucharest and Moldova Mall in Iasi.