Real estate group Tiriac Imobiliare has bought the shares owned by Spanish group Riofisa in the two retail centers the two companies are developing under partnership in Brasov and Timisoara, reports local Ziarul Financiar.

The transaction is estimated at almost EUR 10 million.

Tiriac Imobiliare, owned by Romanian businessman Ion Tiriac, and Riofisa became partners in 2006 to develop two real estate projects worth EUR 300 million.

They bought a 4.8-hectare plot in central Timisoara and a 4-hectare plot in Brasov, invested in design, approval and searched for tenants, but with the onset of the economic crisis, they froze the projects.

editor@romania-insider.com