Coldwell Banker Affiliates of Romania has become the interim manager of City Mall shopping center in Bucharest. The shopping center, currently in the insolvency procedures, will be out for sale starting March this year. Coldwell Banker will also be a consultant in the sale process, led by Casa de Insolventa Transilvania, the shopping mall's judiciary administrator.

The recently established retail division within Coldwell Banker, led by Radu Tanasescu, will deal with management and leasing of the shopping mall, as well as with property and facility management. The firm appointed Alecu Dumitrascu at the helm of City Mall. Dumitrascu is the former Operations Coordinator of Plaza Romania shopping center in Bucharest.

The consultancy firm plans to replace some of the brands in the mix, improve the image of the project and optimize City Mall's costs.

This is Coldwell Banker's first third party management contract, which will last until the shopping center will be sold. The company is currently in talks for similar contracts with other shopping centers, according to Valentin Ilie, CEO of Coldwell Banker Affiliates of Romania.

Coldwell Banker, through Coldwell Banker REO Experts currently manages over 100 properties forced executed by banks, with a total value of EUR 20 million. Casa de Insolventa Transilvania is the judiciary administrator of several real estate projects in Romania: City Mall, Tiago Oradea, Armonia Braila, as well as of retailers Flanco, Leonardo and Diverta.

Australian investment fund APN/UKA, which owns the City Mall shopping center in Bucharest, has asked for the insolvency of the Romanian company which runs the shopping mall, Victoria Holding. The fund was supposed to repay a EUR 40 million loan to UniCredit bank in November last year.

editor@romania-insider.com