The company Revetas Capital, the buyer, is active in Central and Eastern Europe and has offices in London, Bratislava, Vienna, Krakow and Bucharest. The company administers an investment vehicle, with a capital of EUR40 million, and is currently raising funds for another vehicle.
The shopping mall has cumulated debts of over EUR44 million, with the bulk stemming from two loans contracted from UniCredit Bank. The fund will take over the debts, try to restructure them and reposition the shopping center on the market.
The shopping mall has a leasable area of 36,000 square meters and some of its most important tenants include Carrefour, Casa Rusu, Praktiker, Domo. According to sources on the market, the mall is 70% occupied.
Equest acquired Vitantis Retail Park in December 2006 for EUR31.6 million and subsequently invested over EUR30 million, which it borrowed from UniCredit Bank. In 2011, George Teleman, partner within the investment fund, acquired a 51% stake in the shopping mall for a symbolic price, and also took over the mall’s debts.
Three months ago, Equest Balkan Properties sold the Moldova Mall project in Iasi (northeastern Romania) to businessman Gheorghe Iaciu. The fund also owns in Romania a portfolio of offices and a logistics center on the Bucharest-Pitesti highway.
EBP also owns on the Romanian market four small-sized class A and B office buildings, all acquired in 2006 and located in Bucharest, and the Equest Logistics Centre project which includes land covering a total 11 hectares and is located in Bucharest West Logistics Park.