Belgian real estate developer BelRom has sold its Targu-Mures-based retail park in a transaction worth around 90 million euros to a subsidiary of the French financial group Natixis, which also took over the America House office building in Bucharest last year.
"We have sold the retail park in Targu-Mures to the real estate division of the Natixis group," said Carl Decoopman, BelRom's manager, who would not provide any further details concerning the deal.
According to market data, however, BelRom held negotiations with four groups.
Last year, Natixis announced its intention to target acquisitions in Romania, after it raised 377 million euros to form a real estate fund, PPW II Real Estate, which funds acquisitions.
The fund's manager is AEW Europe, which includes America House in its portfolio. The office building was acquired last year in a transaction worth 120 million euros, a record-high on the office market.
BelRom is involved in its second transaction on the local market, after, at the end of 2006, it sold the first completed retail park in Sibiu to British investment fund North Real Estate, in a transaction worth 83 million euros.
In a recent interview with ZF, Carl Decoopman said the company's strategy is to develop and sell as quickly as possible, after all the projects have been rented out. He mentioned that provincial shopping centres are sold at an annual yield of between 6.75% and 7% in euros, which is expected to drop to 6.5% by the middle of this year.
According to market information, BelRom's manager is also preparing to sell another two projects this year.
The shopping centres market has witnessed impressive expansion recently, with 100 new centres being announced for the next few years, in all major cities. Apart from Belrom, the retail park sector includes players such as Greek-based Omilos, Priceton Investments and the shareholders of the Baneasa project, which are currently developing the largest retail park in Romania.
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