The owners of ERA Park Oradea have informed on Monday the London Stock about the fund’s decision to protect themselves by voluntary insolvency from the constructor of the project.

There is litigation between the two companies, the constructor obtaining in front of the Court the foreclosure of Omilos Oradea for EUR 3.2 million debts.

Era Shopping Park Oradea has an area of 65,700 sq. m. The first phase was opened in March 2009 with Carrefour, Altex and Bricostore retailers. The second phase, including a mall on 12,000 sq. m was completed last spring, followed in May by the opening of a Mobexpert store on 8,000 sq. m.

With four commercial centres in Romania, ARGO owns a rentable area of 271,000 sq. m, being one of the biggest commercial centres owners in the country.

The four commercial centres owned in Romania by the British fund generated in the fiscal year 2011-2012, revenues of EUR 22.3 million, with 64% growth , from EUR 13.6 million last year. (source: economica.net)