Dawnay Day Carpathian, a British real estate investment company, has bought the Brasov-based MacroMall shopping centre for 19 million euros. This is the first acquisition by the British firm on the domestic market.
"We are planning to make further acquisitions on the Romanian market, but we are in no rush for the time being. In the case of MacroMall we intend to invest in its development and to bring tenants from abroad, but we cannot disclose the future value of investments for now," Dawnay Day Carpathian representatives told ZF.
In the wake of this deal, Dawnay Day Carpathian representatives put annual yield at 9 percent.
The sale of the shopping centre was a profitable deal for the developer, as well. Thus, the commercial centre involved investments worth some 8 million euros, according to the information provided by its developer, AWG Macro company.
Contacted by ZF, the developer's representatives chose not to make any comments.
The latest information available shows AWG Macro to be owned by Alyosha Wagner, a Romanian-born German citizen, and by Gerard Heinen, a Dutch who controls Neoart Corp, a Philippines-based company that produced, among other things, the sets for Steven Spielberg's Jurassic Park.
As a matter of fact, some of the sets used in the film were used to decorate the shopping centre.
MacroMall shopping centre was opened late last year and has a net lettable area of almost 7,900 square metres and 350 parking spots. MacroMall is located in the southern area of Brasov city, where other commercial projects such as Selgros, Carrefour, Metro and Praktiker also operate.
The over 80 tenants of the mall pay a monthly average rent of 16 euros per square metre. Moreover, close to the mall there is a plot of land considered for a possible subsequent development, with an area of 7,735 square metres.
"With a net yield of 9 percent, we are starting from a solid base and we are confident we are going to add new value to investments by developing the plot of land located near the centre. Under the circumstances, total investments operated by our company come to 363 million euros," stated Rupert Cottrell, chairman with Dawnay Day Carpathian.
The takeover of Brasov mall was the first investment by Dawnay Day Carpathian in Romania. The British company holds real estate projects in five states of Central and Eastern Europe.
"There are many international investors with an interest in domestic commercial projects, but unfortunately there isn't much they can buy. Things will change, though, over the following period, both in and outside Bucharest," believes Monica Barbu, head of the retail department of Colliers International real estate company.
The first mall on the Romanian market was Bucuresti Mall, developed by Turkish company Anchor Grup.
MacroMall Brasov
Is the first investment of UK's Dawnay Day Carpathian real estate firm on the domestic market
The British company will invest to develop it and will bring tenants from abroad
Was opened at the end of last year, having a net lettable area of almost 7,900 square metres and 350 parking spots
Involved investments worth around 8 million euros, according to the data provided by its developer
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