The shareholders of the Cocor shopping center in downtown Bucharest have rejected the proposal to sell the store and hire a consultancy firm for the sale.

The investment fund Broadhurst, which has a direct stake of 13% in the Cocor store, asked for the sale of the store on April 21.

The store’s other big shareholders are Liviu Ursan with a stake of 14.8%, Daniel Stoica, with 14.65%, Romanian investment company SIF Transilvania (10.2%), and SIF Muntenia (10%).

In 2008, the company’s management decided to invest EUR 24.5 million in the modernization of the former communist store. The commercial center got a new façade, but failed to attract enough tenants. Moreover, the revamping project was financed with a bank loan, and Cocor started having problems with paying back its loan.

editor@romania-insider.com