According to Cocor, the contract with Billa was signed Wednesday, May 29, 2013.
Billa entered Romania in February 1999. Its local network includes over 70 stores.
In October last year, Cocor said lender Banca Comerciala Romana (BCR) was foreclosing on the shopping center and would auction it off at a starting price of 134.9 million lei (about EUR31 million). It also said it appealed the decision in court.
In December, BCR approved the suspension of foreclosure procedures.
The shopping center operator borrowed about EUR19 million from BCR in 2009 to finance works to modernize Cocor.
Investments in modernizing the mall 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 is owned by investment fund Broadhurst Investments (13.32%), SIF Transilvania (SIF3.RO) (10.24%), SIF Muntenia (SIF4.RO) (10%), Daniel Stoica (14.66%), Liviu Ursan (14.83%) and Aurel Besliu (some 7%). (EUR1=RON4.332)