The Oradea Shopping City mall, owned by the firm Shopping Center Holding, has been put up for sale for about EUR 15 million, according to a notice of the real estate agency Real Time, reports local Economica.net.

The agency‘s representatives didn’t offer more details.

Romanian investor Gabriel “Puiu” Popoviciu bought the shopping center in June 2010 through the firm Shopping Center Holding. The mall project had been started by the Irish company Mivan, which stopped the construction after the firm managing the project went bankrupt.

Popoviciu paid EUR 30.5 million for the mall, and announced that he wanted to invest another EUR 20 million to complete it.

The shopping center currently has an occupancy rate of 65%, according to the sale announcement. It has a rentable area of almost 27,000 sqm.

Popoviciu is now building a new residential project in Bucharest through a Cyprus-based offshore company. Belvedere Residence will have 13 apartment blocks with over 1,500 apartments.

editor@romania-insider.com