Transilvania Insolvency House (CITR), the liquidator of the company Red Project Three, the developer of the mall, has waited until 10th of May the offers for taken over the asset through direct negotiation. But no investor has made a clear step towards buying. If in the autumn of last year the bids for selling the mall at the starting price EUR 25 million have failed, this spring the creditors assemble decided to sell the project at EUR 14.85 million. The main creditor, Volksbank, has EUR 28 million to recover. "The next step in Armonia Mall’s recovery will be decided by the Creditors Assemble. In the next period a new General Assemble of Creditors will be called, wwhn it will be decided the strategy of continuation of the recovery. After that, the recovery actions of the mall will follow the stragey adopted. There is interest in taken over the mall, but the discussions weren’t materialized through written intentions. We hope that the discussion so far with the potential investors to materialize in the next period through clear selling negotiations. ", have declared ECONOMICA.NET the CITR representatives. The mall is built on 197,000 sq. m land and has a built area of 36,585 sq. m. Total area of the project is 41,850 sq. m and the rentable area is 29,500 sq. m. The parking offers 2,100 places. Armonia Brăila was developed by Red Management Capital through Red Project Three, which entered bankruptcy at the end of 2011. The investment in the project was EUR 45 million, and Volksbank, the financing bank, has contributed with approx. EUR 28 million. The CITR report shows that the company’s debts are EUR 35 million. Armonia Brăila is the third mall to go bankrupt, after Tiago Mall in Oradea, bought in 2010 by the businessman Gabriel Popoviciu and completed under the name of Oradea Shopping City. Another bankrupt mall is City Mall, which was bought at EUR 17.3 million by Ioannis Papalekas who developed it and sold it for EUR 103.5 million in 2006, The starting price for City Mall was EUR 33 million.. (sursa: economica.net)
The Phantom Mall in Brăila could be sold for less than EUR 15 million
The bankrupt mall in Braila, Armonia Mall, closed in 2009, did not find a buyer at the last session of direct negotiation, even if there is interest in it, have declared for ECONOMICA.NET the CITR representatives.
