Insolvent Tiago Mall sold to local developer

July 2010 - From the Print Edition

ORADEA Romanian real estate developer Shopping Center Holding has bought Tiago Mall Oradea, developed by Northern Irish group Mivan Development, for 30.5 million Euro.
The mall, which is still yet to open, was the first in the country that fell under the administration of the Insolvency House Transilvania. Shopping Center Holding paid half of the amount invested by Mivan in the mall, which was 60 million Euro.
The mall was sold on the second bid by its liquidator. In the first bid the starting price was 35.5 million Euro, but no buyer was interested in the acquisition.
Tiago Mall Oradea has a total leasable area of almost 30,000 sqm and 1,000 parking spaces.
Tiago Mall Oradea is one of the seven shopping centers planned by Mivan Development in Romania, in cities such as Targu-Mures, Brasov, Ploiesti (Prahova county), Bacau, Sibiu and Galati. Mivan has delivered one mall project in Romania, Liberty Center, in Bucharest, located on Sos. Progresului.
The construction of the Tiago Mall Oradea is 95 per cent finished.