Avrig 35, the real estate developer controlled by businessman Alexander Hergan, has sold the Iris Shopping Center in the Titan district of Bucharest to investment fund DEGI in a deal worth 147 million euros. Avrig 35 confirmed the information published in Ziarul Financiar at the end of May, when DEGI was set to take over the project in a deal estimated at 140 million euros. The sale is the biggest transaction to involve a shopping centre in Bucharest, after the 2006 takeover of the City Mall project by Australian-held APN/UKA, a deal worth 103.5 million euros. Iris Shopping Center consists of two adjacent buildings with an overall lettable area of around 48,000 square metres. The main tenant is the Auchan hypermarket chain, which opened its first store on the local market in December 2006, as well as an adjacent shopping gallery. In May this year a second building was opened with a ground floor that covers 7,400 square metres, which is currently rented to retailers that include Domo, Sprider and Takko. The first floor will open in the coming months and will house a cinema, bowling alleys and a food court. This is DEGI's second acquisition on the local market, after the fund took over three office buildings in Bucharest from investment fund manager Charlemagne in a transaction worth 110 million euros.
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