The Bucharest – based shopping center Liberty Center will be sold on public auction on August 7, starting at some EUR 60 million, part of a forced execution plan. The mall, owned by Irish family Mivan and the Awdi family, is being sold to cover unpaid bank debt to three banks.

The debt, of some EUR 61 million, is owed to Eurobank EFG, Alpha Bank and Bank of Cyprus.

The shopping center, on some 70,500 sqm, was opened in 2008 after a EUR 70 million investments.

It was fully occupied when opened but lost some tenants on the way, such as Starbucks, Burger King and Marks&Spencer.

editor@romania-insider.com

(photo source: Liberty Center Facebook page)