Tiago Oradea is the first mall in Romania to go bankrupt, withthe court-appointed liquidator to put the project up for auctionover the next two weeks. The starting price will be 35.5 millioneuros, half the investment made, which was paid for with a 65million-euro loan granted by UniCredit Austria and UniCreditTiriac.
Seen as "shopping temples," the malls are starting to show signs offailure, so that after two projects in Braila and Sibiu were closedfor lack of tenants and customers, the first bankruptcy came, withCasa de Insolventa Transilvania (Transilvania Insolvency Firm) aslegal liquidator having set the auction for the mall developed byIrish developer Mivan for the 3rd of June.
Developers tried to build more malls than the market can take forthe time being, on plots of land outside cities and without takinginto account competition across the street and the purchasing powerof the people living in the area. With the onset of the crisis,retailers backed out and owners were left with hectares ofunoccupied retail space, in which they had sunk tens of millions ofeuros.
"The mall was supposed to be completed at the beginning of lastyear but the developer delayed the inauguration and then wentinsolvent. At first, leases for about 15% of the total space hadbeen signed, now we don't know anything more about it," saidAndreea Anghelof, partner of Casa de Insolventa Transilvania.
UniCredit officials had not provided any comment by the time thestory was ready for print.
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