Tiago Mall in Oradea was bought by a company close tobillionaire Gabriel Popoviciu for 30.5 million euros at the end oflast week. The price was 40 million euros lower than the investmentmade by Irish Mivan group, the developer of the project. UniCredit,the lender, will get back its 30 million euros granted for theconstruction work, while Mivan-Kier, the company that built it andother unsecured suppliers will have to take the loss. The addressof the registered office of Shopping Center Holding, and one of theshareholders Dumitru Ciocoiu, tie the name of the buyer to that ofbusinessman Gabriel Popoviciu, owner of the Baneasa project innorthern Bucharest, who could make a profit from buying assets ofbankrupt companies.
The acquisition of the currently bankrupt Tiago Oradea is thebiggest real estate deal of this year, whereas two years agoinvestment funds would pay more than 100 million euros for businessparks and malls of comparable size.
Shopping Center Holding, in which Dumitru Ciocoiu, who is close tobusinessman Gabriel Popoviciu, owns 10%, committed to pay 30.5million euros for the shopping centre in Oradea developed by Mivanthrough MLS Proiect at the end of a auction with only one otherbidder that did not meet all the requirements, though.
The price paid by buyers accounts for only 40% of the investmentmade in the building of the mall, which was never opened and is thefirst mall auctioned as a result of the bankruptcy of thedeveloper.
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