City Mall shopping centre, located in southern Bucharest will be relaunched this autumn, less than one year after its opening. The new owners hired real estate broker Colliers to reshuffle tenants and attract international brands to the mall.
This shopping centre has changed its owners twice thus far, and is now held by a group of British investors. According to the sources on the real estate market, the Brits took over the 38,000 square metre centre in a deal worth over 46 million euros, with funding taken from banking loans.
Trade Registry data show City Mall to be held by Victoria Holding, whose shareholders are two companies registered in Cyprus, AP Investments and Kalidom Holdings Limited, as well as British nationals Steve Jonathan Kaye and Warrant Roiter. The construction of the centre cost 35 million euros, says developer Jaguar Development.
In less than one year, City Mall has lost same of its tenants.
"The main reason we closed (the shop i.e.) was the gap between Turabo's target and the City Mall patrons. We tried to reduce the contract, at least for a while, but in the end decided to relocate the coffee shop to Sibiu," Tudor Dragomir Nicolescu, general manager of Turabo Cafe, one of the best-known brands to have left City Mall told ZIARUL FINANCIAR.
Besides Turabo Cafe, other tenants to have terminated their contracts with City Mall include less known companies like apparel shops Tezal and Estella, Tazza Grande and Grade Cafe Peru coffee shops and the La Sura restaurant.
"Replacing coffee shops is part of our marketing policy, which includes limiting the number of cafes to four, which is considered enough. We have a strategy we are working on with Colliers exclusively and we want to focus on bringing major international brands to this mall.
"In principle, the big shops and international brands are replacing the
