The mall was developed by Red Project Three, part of the Red group, and it went bankrupt at the end of 2011. The project required a total investment of EUR45 million.
At the end of 2011, the mall had debts worth a total EUR35 million, to 33 creditors, according to a report by liquidator Casa de Insolventa Transilvania.
Thus, in an auction set for April 19, the liquidator plans to sell the mall’s 197,554 square meter plot and assets. The unit has a rentable surface of 29,500 sqm, on two levels.
Should the first auction fail, subsequent auctions will be organized on May 3 and May 17, with the same starting price.
The Armonia mall was launched in November 2008. Seven months later, it was shut down. In November 2010, the mall went insolvent. At the end of 2011, the Bucharest Court dubbed the unit bankrupt.
The Red group is owned by Spanish private equity firm GED and US private equity group Warburg Pincus.