The Greek investor bought the mall last year, for EUR17.3 million at an auction, following the shopping center’s bankruptcy. In 2006, Papelakis had sold the project for EUR103.5 million to Australian investment fund APN European Retail.
“There is information that City Mall could become a hospital. If this is the case, this would be an adventurous transformation, given the mall’s structure,” said James Heyworth Dunne, head of the capital markets within CBRE Romania.
City Mall went insolvent in November 2011, because of debts worth a total EUR76 million.
The mall has a built surface of 31,000 square meters, including a lettable area of 19,000 sqm.