Atrium Center mall of Arad, scheduled for opening thisafternoon, has changed its shareholder structure just several hoursbefore its opening, with the firm that handled construction works,Arcadom, part of Hungary's TriGranit group, becoming a shareholderwith a 50% stake in the wake of a deal worth 6m euros. Thedevelopment of the Arad-based 70m-euro mall was started byBritain's Carpathian investment fund (75%) and a firm ofbusinessman Michael Israeli (25%). Four shopping centres, in Arad,Cluj, Baia Mare and Satu Mare, were due to be completed as part ofthis partnership, but the Brits decided to exit the projects ofArad and Cluj. "I, together with several managers of AtriumCenters, bought the shares Carpathian owned in Arad and Clujprojects, and subsequently decided to sell a 50% stake in the Aradmall to the general contractor, Arcadom, in a 6m-euro deal, inwhich we practically broke even," Michael Israeli, founder ofAtrium Center company, told ZF. In the wake of the deal, Carpathianis closer to an exit from the Romanian market, while theconstruction company of TriGranit is sealing its first acquisitionon the Romanian real estate market.
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