The sale of City Mall shopping center in Bucharest, which went bankrupt last year, was postponed until at least April 20, after no potential investors had bought the tender book by March 31, the initial auction day, according to Casa de Insolventa Transilvania.

“The time was too short. There are investors who are doing due diligence for the project, but haven't completed the analysis”, said Radu Lotrean, partner of Casa de Insolventa Transilvania, quoted by Ziarul Financiar. He added that for the second auction, the price is likely to be slightly lower, down by around 10 percent on the originally starting price of EUR 33 million.

City Mall went bankrupt last year after the mall owners, APN European Retail were unable to repay a loan of over EUR 30 million to UniCredit, while the operating income decreased by 90 percent last year.

City Mall has a total surface of 38,000 sqm and a lettable area of 19,000 sqm. The center includes 80 stores, one cafe and restaurant area, as well as a movie theater operated by City Cinema.

Irina Popescu, irina.popescu@romania-insider.com