Local firm Shopping Center Holding, which has taken over the formerly known Tiago Mall Oradea in a deal estimated at EUR 30.5 million, will build the 30,000 sqm Oradea Shopping City on the premises, the firm has announced.

The project should be finalized during spring next year and will host 120 retail units. The shopping center is already 60 percent pre-leased. Shopping Center Holding is owned by Cyprus – based Karias Trading Limited, which holds 90 percent of the shares, the rest being held by individual Dumitru Ciocoi. Local media has connected this project to the name of real estate developer Gabriel Popoviciu, who owns the Baneasa Shopping City in Bucharest.

Insolvent Tiago Mall Oradea has been sold by Casa de Insolventa Transilvania earlier this year. The company was the judiciary liquidator of MLS Proiect Oradea, which had entered insolvency.

The Tiago Mall chain was a a project started by Mivan Development, member of the Irish Moritz group.

Romania-insider.com