The decision was reached after five failed auctions following which the price was decreased by a total 36%, from an initial EUR33 million.
The new evaluation observed the current market conditions and the result of auctions already unfolded, according to a CITR news release. Registrations for negotiation are received until September 16.
At the moment, City Mall has a occupancy rate of 83% and contracts with some 74 tenants. The average rent reaches some EUR15 per sqm.
City Mall went bankrupt in November 2010, after owner Victoria Holding, a unit of Australia’s investment fund APN European Retail Trust, was unable to repay the loans taken for its construction.
City Mall has a total surface of 38,000 square meters and a lettable area of 19,000 square meters. The center includes 80 stores, cafe bar and restaurant areas, as well as a movie theater operated by City Cinema.