Jumbo buys Liberty Center mall in Bucharest

The Greek toy and decoration retailer Jumbo bought the Liberty Center mall, in the Rahova district, from the Greek banks that owned it, and is preparing to set up its first store in a mall in Romania.

The mall, inaugurated in 2008 following an investment of around EUR 70 million, was foreclosed in 2012 by the three banks that financed the construction - Eurobank EFG Luxembourg, Alpha Bank and Bank of Cyprus - based on a debt of EUR 61 million. iI 2012, the Bank of Cyprus had recovered around EUR 21 million in receivablesand now Greek retailer Jumbo has bought the shopping center in a deal worth up to EUR 20 million, well below the development investment value of the center.

The company has already started the steps to set up a Jumbo store on part of the 25,700 sqm area of the mall. In fact, the entire shopping center is undergoing a remodeling process.