Bucuresti Mall shareholders approve company break-up

Anchor Real Estate company, held by the Turkish investors who manage the Vitan and Plaza malls, has been broken up into three companies, by transferring part of Anchor's assets to two newly-established companies, which will develop residential projects. The two companies are Metropol Proiect Imobiliare and Berceni 2007 Real Estate Office SRL, which will take over part of the real estate properties held by Anchor Real Estate Development. "From an economic point of view, the break-up is justified by the need to have a more efficient operation of the real estate assets of Anchor Real Estate Development," reads the company's break-up document, which has been approved by the shareholders and published in the Official Gazette. Following the break-up, Anchor Real Estate is left with land and buildings worth 36.2 million RON (around 11 million euros). Anc hor Group entered the Romanian market in 1999, when it opened its first mall in Bucharest.