The reconversion process reached approx. EUR 26 million, in addition to EUR 17.3 million paid for the acquisition of the bankrupt commercial centre. The renovation was supported by a loan of approx. EUR 14 million from Bancpost. Currently, City Offices, with a rentable area of 32,024 sq. m, is 32 pct occupied by Delhaize Group (Mega Image), Billa, MaxBet, BRD, Piraeus Bank, BCR and Global Vision.
The annual revenues generated by these tenants are EUR 2 million, but starting from the first quarter of next year, Papalekas estimates that the net operational revenue will reach EUR 5.4 million and will increase up to EUR 6.6 million after its first operational year. Currently, the market value of City Offices is calculated at EUR 57 million. (source: capital.ro)
