The Galleria malls in Arad, Piatra Neamt and Buzau, owned by real estate developer GTC, were evaluated at EUR 29 million at the end of June, a 17% lower value compared to March. The City Gate office complex also lost 1% of the value in the last three months. At the end of the first six months, the office complex was evaluated at EUR 156 million.

The shopping centers’ downward re-evalution was made due the reduction of current and future revenues from rents, according to the company’s financial report, cited by local Mediafax.

GTC operates Galleria Arad, Piatra Neamt and Buzau shopping centers in Romania. The company tried to sell the last two properties last year, together with a mall in Suceva, but only managed to find buyer for the latter. GTC has sold the mall Galleria Suceava in Northern Romania for only EUR 800, after having invested around EUR 25 million in developing it.

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