Unirea Shopping Center plans to access a 70 million euro worth loan for investments

Unirea Shopping Center aims to take this year a loan of up to 70 million euro to support its investment programme. The loan which will be released in tranches is expected to be approved during the Extraordinary General Meeting of Shareholders scheduled for June 5, 2014, according to an informing sent to the Bucharest Stock Exchange.

The development strategy for the current year concerns the two shopping centers in Bucharest and Brasov, respectively, from its portfolio where the company is considering creating connections between the commercial area and public transport, so as to improve access. Additionally, the company prepares the expansion of the entertainment area in both shopping centers where besides the existing space and new established ones, it is taken into consideration the acquisition of auxiliary land.

Last year, Unirea Shopping Center, which is listed on the Bucharest Stock Exchange, has seen a major drop in profit which amount to some 2.8 million lei, down by 52 percent over 2012, while revenues also reduced by 9 percent to 75.3 million lei. The company’s shareholding consists of The Nova Group Investments Romania (which holds the majority stake, 74 percent), SIF Muntenia (10 percent) and other shareholders whose stakes are below the 10 percent threshold.