Arad, Baia Mare, Pitesti, Galati, Craiova and Ramnicu Valcea are some of the cities that witnessed deals in 2007, thanks to investments in malls, reveals the Top Deals yearbook, compiled by ZF. Bucharest was not overlooked, either, after Africa Israel paid 80 million euros for 50% in the AFI Cotroceni Park project.
Last year, deals involving shopping centres were mainly concluded outside the capital city. Increasingly more provincial cities saw malls (even in the early stages of development) being transferred from the hands of developers, into those of investors.
The number of moves was not much larger than in 2006, however, last year saw the entry of investors with experience in malls, such as Sonae Sierra and ING Real Estate, which took their first steps onto the local market.
Portugal-based Sonae Sierra counts among the most active players on the shopping centres market, and has become involved in five different projects in less than one year.
Therefore in May last year, after its first acquisition on the local market, River Plaza mall in Ramnicu Valcea (42 million euros), the company announced another two investments in Craiova and Ploiesti, where it will develop two new shopping centres worth 300 million euros.
Sonae Sierra also took over the management contract of the Arena mall in Bacau, and is in advanced talks to take over a 50% stake in this shopping centre. Recently, the company has closed a partnership with Irish-based Caelum Development, to jointly develop the largest mall in Romania - Parklake Plaza, following an almost 600 million-euro investment.
Another major European player, which last year made its first step on the local shopping centres market is Dutch ING Real Estate, which took over the shopping gallery of the Felicia Shopping Center in a deal worth 40 million euros.
In fact, the two companies are the co-owners of one of the largest malls in Europe, Centro Colombo in Lisbon, which offers a lettable area of 120,000 square metres.
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