Eight banks have granted 850 million euros in financing for themalls in Bucharest over the last four years. Sun Plaza, the latestsuch project, is a bet of the Austrians at Erste and ViennaInsurance Group.
The Germans at Hypo Real Estate, Eurohypo and WestImmo, alongwith the local subsidiary of UniCredit group, UniCredit-Tiriac, arethe banks with the highest exposure to the malls in Bucharest,which required 850 million euros in loans, an analysis by ZiarulFinanciar reveals.
Mall owners borrowed money to buy, build or refinance theirshopping centres, a business that is becoming less and less certainat this time, when consumer spending keeps dwindling. Thereforethese banks are the most worried about the future performance ofthe malls in Bucharest, a market with a 1.5-2 billion euroconsumption, which doubled over the last two years.
How do banks end up dependent on the spending of the consumersthey have been only sporadically financing over the last two years?Repayment of the tens or even hundreds of millions of euros grantedfor the malls is directly connected to the first link in the client- tenant- mall owner - lending bank chain.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
