Cocor Bucuresti (COCR.RO), the owner of the shopping center, said in a statement Tuesday it appealed the decision in court.
The shopping center operator borrowed EUR18 million from BCR in 2009 to finance works to modernize Cocor.
“Cocor has already paid EUR1.25 million to BCR and will be able to make further payments provided an additional act to the mortgage loan is signed. We continue negotiations with BCR and might soon reach an agreement on signing the act,” according to the statement.
At the beginning of October, the shareholders of the shopping center approved a plan to sell the unit’s commercial spaces separately, and the minimum price was set at EUR5,000 per square meter.
At the end of 2011, shopping center Cocor was valued at 45.1 million lei (EUR10.5 million).
Investments in modernizing Cocor rose to about EUR25 million. Following investments, the unit’s lettable area increased from 6,000 square meters to 10,000 sqm. Cocor was reopened in October 2010.
Cocor Bucuresti reported losses of RON7.9 million in the first half of 2012, up 4.6 times on the similar period of last year, when its losses stood at RON1.7 million. The company’s turnover dropped to RON6.2 million from RON12 million.
Company shareholders include investment fund Broadhurst Investments, SIF Transilvania (SIF3.RO), SIF Muntenia (SIF4.RO), Daniel Stoica, Liviu Ursan and Aurel Besliu.
Cocor Bucuresti shares were last traded on the Rasdaq market on Friday at RON98.5 a share.