Veranda Mall shopping center put up for sale

Veranda Mall shopping center, owned by the Pogonaru family, the Pavăl brothers, Evergent and Erste Bank, has been put up for sale and has entered the radar of interest of real estate investors AFI Europe and M Core, according to sources in the real estate market. The value of a possible transaction of Veranda Mall is estimated at around EUR 80 million.

If AFI Europe were to buy Veranda Mall, this would be its first acquisition made in this real estate sector in Romania. The main acquisitions made by AFI Europe at a local level have focused on the office sector.

As for M Core, the British investor has just bought its first mall in Romania, Shopping City Suceava, and is also in discussions for the acquisition of Focșani Mall. If it were to buy Veranda Mall, M Core would officially enter the Bucharest mall market, a sector in which it is present only with retail parks.

Veranda Mall was inaugurated in 2016 following an initial investment estimated at EUR 60 million, refinanced in 2018 with a 15-year loan of EUR 34 million from CEC Bank. In 2019, the shopping center was expanded to its current area of 34,000 square meters, after an investment of about EUR 10 million.

Source: Profit.ro