Unirea Shopping Center (SCDM), the company that controls the store of the same name in central Bucharest, last year derived rent revenues worth 64.4m RON (19.3m euros), up 15% year-on-year.
Based on these rent revenues, the value of Unirea shopping centre could be put at between 270 and 300m euros, taking into account an average rent yield of 6.5-7%, according to real estate market analysts.
Dan and Carmen Adamescu control the company through Nova Trade, which owns 71.8% in Unirea, a stake put at over 70m euros. At the end of last year, Dan Adamescu also held 100,000 shares himself, estimated at 3.5m euros.
The Adamescu family plans to invest over 100m euros in the company in the next three years, with a significant part of investments aimed at doubling the area of the shopping centre to 80,000 square metres.
Unirea had almost 40,000 square metres rented for retail and storage to a total of 274 stores at the end of last year, according to the company's annual report. This data points to an average rent value of 40 euros per square metre.
Overall, Unirea Shopping Center owns over 42,700 square metres of retail space, warehouses and offices, of which 5,800 square metres are the leisure areas and the restaurants on the fourth floor of the building, which started operating in mid-2007.
According to Colliers real estate consultancy, the monthly average rent in Bucharest's shopping centres last year reached 24-27 euros per square metre, down 4% from 2005. According to the same source, though rents in Romania's shopping centres are higher than at a regional level, the current levels will remain unchanged in the next two to five years.
Rent revenues accounted for around 90% in Unirea's turnover in 2007, which hit 71.1m RON (21.3m euros), 10.5% higher than in the previous year. Despite the turnover increase, the company's net income s
