According to Cocor Bucuresti (COCR.RO), its current debt to BCR amounts to about EUR16 million.
The shopping center operator borrowed about EUR19 million from BCR in 2009 to finance works to modernize Cocor.
The company said in October BCR was foreclosing on the shopping center and would auction it off at a starting price of 134.9 million lei (about EUR29.7 million) on November 16. It also said it appealed the decision in court.
A month later, the shopping center operator announced that BCR failed to sell Cocor, as no bidder was present at the auction.
Investors interested in the shopping center said they would not participate in the auction until the court presented clarifications regarding the value of the building, arguing that there was a difference of about EUR12 million between the starting price and a previous evaluation (EUR42 million), Cocor Bucuresti said at that time.
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 RON45.1 million.
Investments in modernizing Cocor stood at 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 registered loss of RON10.5 million in the first nine months of the year, double from RON5 million in the same interval a year ago. Its sales fell 43% to RON9.5 million in the analyzed interval.
Company shareholders include investment fund Broadhurst Investments, SIF Transilvania (SIF3.RO), SIF Muntenia (SIF4.RO), Daniel Stoica, Liviu Ursan and Aurel Besliu.
Cocor was last traded on the Rasdaq market on December 3 at RON78.9 a share. (EUR1=RON4.5394)