Sonae Sierra sells struggling shopping center in southern Romania to local investor

Turkish-Romanian businessman Omer Susli, owner of interior design stores Homelux, has bought the River Plaza shopping center in Râmnicu Vâlcea, southern Romania, from Portuguese property developer Sonae Sierra, Profit reported. .ro.

Susli also recently bought the Vitantis shopping center in Bucharest from investment fund Revetas Capital, in a deal worth around €20 million.

This time, Susli took over River Plaza Mall from Sonae Sierra for a symbolic price of 1 euro, but he also took over the developer loan taken from BRD-SocGen.

The mall has an 80% occupancy rate, but that’s useless when there’s no traffic, Syusli said, implying that River Plaza’s financial situation has deteriorated significantly during the pandemic. .

The shopping center recorded revenues of 1.7 million euros and losses of 1.2 million euros in 2020, after relatively smaller losses the previous year.

The Portuguese developer thus marks its first release on the Romanian market.

Sonae Sierra, also the owner of the ParkLake shopping center in Bucharest, entered the Romanian market in 2007 by buying the River Plaza shopping center from the Romanian company Setler Mina, in a 42 million euro transaction.

The River Plaza shopping center, which opened in November 2006, has a leasable area of ​​11,449 square meters, spread over five floors, nearly 100 shops and restaurants and 203 parking spaces. The mall’s largest tenant is Carrefour Market.

(Photo: Yunkiphotoshot/Dreamstime)

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Peggy P. Gilmore