Vitantis Shopping Center in Bucharest finds buyer

Equest Balkan Properties (EBP( investment fund runs final stage for selling the Bucharest-based Vitantis Shopping Center. The buyer is a distressed asset-specialized company, Revetas Capital.

2014-05-20 10:55:08

Revetas Capital Advisors LLP is an opportunistic real estate manager which entered the Central and Eastern Europe (CEE) market in 2003, initially under the name Bifrost Investment Group. Revetas manages and invests capital on behalf of a range of investors in real estate opportunities throughout CEE.

Revetas is focused exclusively on Central and Eastern Europe with offices in London, Bratislava, Vienna, Krakow and Bucharest. Revetas, and its precursor Bifrost, have been active in the CEE region for over ten years and has first hand knowledge of the real estate markets and banking practices in CEE, according to their official data.

Vitantis, with leasable area of 36.000 sqm and anchors such as Carrefour, Praktiker, Domo, Casa Rusu,posts an occupancy rate estimated at 70 per cent. Equest, managed by Romanian businessman George Teleman purchased the commercial center in December 2006 and paid 31. 6 million Euro after which it put another 30 million Euro for upgrading it, following a loan contracted from Unicredit Bank. In 2011, Teleman became the main shareholder of the commercial center by 51 per cent shares.
In Romania, Equest owns office and logistics centers on A1 highway, the Equest Logistics Centre and a land of 11 hectares located in Bucharest West Logistics Park. This year, Equest sold Iasi-based Moldova Mall project to Romanian businessman Gheorghe Iaciu.