Mitre Building Construction upgraded and extended shopping center Cocor, which was reopened in October 2010. Modernization works lasted for two years. The investment amounted to about EUR24 million and was financed by lender BCR, which offered Cocor Bucuresti a EUR19 million loan.
Coco representatives said in a statement Monday the insolvency claim filed by the constructor is abusive, as the latter received EUR4.5 million for the services it provided. They added that the sum claimed by Mitre represents less than 1% of the sum that has already been paid.
Cocor Bucuresti’s 2011 revenues did not match expectations, as the operator was unable to rent the entire shopping center, which has a lettable area of 10,000 square meters.
Company shareholders include investment fund Broadhurst with 13.32%, regional investment fund SIF Transilvania (SIF3.RO) with 10.24%, SIF Muntenia (SIF4.RO) with 10%, Daniel Stoica with 14.66% and Liviu Ursan with 14.83%. (EUR1=RON4.464)