Shopping center developer Argo Capital sold Shopping City Suceava in northeastern Romania to M Core for an undisclosed sum. The property offers a leasable area of 43,100 square meters, hosting over 100 retailers.

According to real estate consultancy company iO Partners, which advised Argo Capital, this marks the largest transaction in the past five years involving the sale of a shopping mall in its entirety.

Moreover, the transaction also marks the sale of Argo Capital’s last major asset in Romania, a group that in 2011 was the largest owner of retail spaces in the country, with a portfolio that included Sibiu Shopping Center, ERA Iași, and ERA Oradea.

“Argo has been instrumental in the development of the retail market in Ukraine since 2006, and as the market has matured, we decided to exit Romania and concentrate in the Ukrainian market that we predict will be extremely dynamic once the war ends,” said Andreas Rialas, Director at Argo Capital.

M Core has been the most active buyer of retail spaces in Romania over the past two years, strengthening its position in the local market through such strategic investments.

“This acquisition aligns with our strategic expansion objectives within Romania. We are actively pursuing all opportunities in the retail sector to enhance our portfolio and strengthen our presence in the market,” stated Sebastian Macdonald-Hall, Chief Investment Officer at M Core & Co-CEO of Romania – LCP.

Shopping City Suceava was inaugurated in 2008. Some of its tenants are Carrefour, Leroy Merlin, Mobexpert, Decathlon, Sinsay, New Yorker, and KFC.

irina.marica@romania-insider.com

(Photo source: iO Partners)