Investment fund Equest Balkan Properties confirmed the sale of the retail park incorporating Vitantis Shopping Center which will be taken over by Revetas Capital, an investment manager in Central and Eastern Europe which targets distressed real estate projects or single asset transactions, according to Mediafax.
“We are in the final phase of selling the project, I hope the transaction will be completed in the coming weeks. Transaction has been in due diligence phase for a long time”, representatives of Equest Balkan Properties told to Mediafax.
The mentioned source states that Vitantis has debts exceeding 44 million euro which will be transferred to Revetas Capital which will work on restructuring these debits and reposition the shopping center.
Vitantis Retail Park is located in southeast Bucharest and has a total leasable area of approximately 35,000 sqm. It is anchored by Carrefour and Praktiker and consists of Do-It-Yourself, hypermarket, shopping gallery, household and furniture commercial areas. Besides the interest held in the retail park, Equest Balkan Properties has other real estate projects in its portfolio in Romania – four small office buildings and a logistics center in Bucharest West Logistics Park.