Hidromecanica plant in Brasov, a supplier to manufacturers inthe auto industry, will be turned into a Cora hypermarket. TheFrench chain, with around 400 million euros in turnover, paid 13million euros to acquire the around 40,000 square-metre plot thataccommodates the Hidromecanica platform, which has been put up forsale by the Public Finance Department in Brasov.
The asset was bought at the evaluation price, of around 325 eurosper square metre. This is the second industrial platform in Brasovto be acquired by developers in order to be turned into a retailpark, after Tractorul Brasov, where Auchan will open a hypermarketin 2011.
Cora was the last hypermarket operator present on the Romanianmarket, which had yet to tap into the Brasov market. The city hasalso attracted massive investments in DIY retail over the last fewyears thanks to its tourist potential.
Hidromecanica Bra[ov (HIRY stock exchange symbol) is controlled bythe Garbacea family in Brasov, with a 60% stake, and has facedmajor liquidity problems lately. The manufacturer posted a 2.4million-RON (0.6 million-euro) loss in the first quarter of theyear, and a 1.9 million-RON turnover, down 40% against the similarperiod of 2009, according to official data.
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