City Mall shopping center in Bucharest, which went bankrupt last year, did not attract any investors to the second auction scheduled for April 20, according to Mediafax newswire. Thus, the judicial liquidator Casa de Insolventa Transilvania (CITR) will discuss with the creditors other ways of asset recovery, including keeping the mall in its account receivables.

City Mall's selling price in the second auction was set at EUR 29.5 million, down from the initial EUR 33 million The first auction was set for March 31, but no potential investors had bought the tender book.

“They might decide for the mall not to be sold, to be kept in account receivables or to organize a new auction”, said Radu Lotrean, partner at Casa de Insolventa Transilvania, quoted by Mediafax newswire.

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 area of ​​38,000 sqm, divided into three basements, ground and four floors, offering a rental area of ​​19,000 sqm. The shopping center includes 80 shops, an area for cafes and restaurants and a cinema operated by Cinema City company.

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