UK real estate group M Core reportedly ponders buying EUR 100 mln retail assets in Romania
<p>Real estate group M Core, controlled by the British real estate tycoon Caspar MacDonald-Hall, is reportedly in an advanced stage of analysis to acquire two shopping malls in northeastern Romania (Suceava and Focasni) and a package of retail parks in the country, forming a portfolio valued at&nbsp;around EUR 100 million in total, according to sources close to the negotiations consulted by <a href="https://www.profit.ro/povesti-cu-profit/real-estate-constructii/exclusiv-gigant-detinut-de-un-magnat-britanic-cu-legaturi-stranse-cu-familia-regala-cumpara-in-romania-primele-sale-doua-mall-uri-plus-un-pachet-de-parcuri-retail-tranzactie-de-100-milioane-euro-21813187?mc_cid=610a01f37c&amp;mc_eid=cd1f92f96c" rel="noopener" target="_blank">Profit.ro</a>.</p>

<p>The Shopping City Suceava mall is owned by the British Argo Real Estate Opportunities Fund (AREOF). It was inaugurated in April 2008 and has a leasable area of ​​over 46,000 square metres, hosting over 90 stores and a Carrefour hypermarket.&nbsp;</p>

<p>Focsani Mall is owned by the Belgian bank KBC Bank, which took over the insolvent mall in 2016 against its claims. Meanwhile, the shopping centre emerged from insolvency.&nbsp;</p>

<p>Developed by BelRom and opened under the name Promenada in September 2008, Focsani Mall has a leasable area of ​​about 45,000 square metres and almost 70 stores and a Carrefour hypermarket.</p>

<p>In addition to the two malls, M Core is also discussing with another owner the purchase of several other smaller retail parks in the country.</p>

<p>The British group already entered the Romanian market at the end of last year when it paid EUR 219 million to Belgian investor Mitiska REIM for 25 retail parks with a combined surface of 132,000 square metres. Following the acquisition, M Core became one of the largest players in the Romanian retail market.</p>

<p><em>iulian@romania-insider.com</em></p>

<p><em>(Photo source: <a href="https://www.dreamstime.com" rel="noopener" target="_blank">Eugene Suslo/Dreamstime.com</a>)</em></p>