The transaction marks the completion of the repositioning of the retail scheme into a large-scale neighborhood power center focused on home, convenience, and grocery products. The multi-let retail scheme with a GLA of 38,000 sq m is well located in sector 4 of Bucharest, one of the most densely populated areas of the capital.
Radu Boitan, Head of Investments at Revetas Capital, declares: “Vitantis Shopping Center was one of most ambitious investment exercises we undertook in 2014 and a showcase of a successful turnaround of a ‘first generation’ shopping center. During the holding period, we navigated one of the most challenging decades for retail as an asset class. The transaction is a proof of maturity and resilience of the retail sector in a period of profound transformations.”
Oana Partenie, Head of Property Management Romania at Ceres Management Services, added: “During the ownership, Revetas has successfully completed its investment mandate by focusing on the full repositioning of asset towards a large format family shopping experience. The transaction also demonstrates the strong appetite and availability of liquidity for multi-let retail parks with strong fundamentals in the CEE region.”
Eric Assimakopoulos, Founding Partner at Revetas, said, “This is the second recent portfolio exit for Revetas following the disposal of our office portfolio in Prague. The whole journey of Vitantis is a showcase of Revetas’ execution capability and our team’s passion to perform.”
Revetas has been advised by Țuca Zbârcea & Asociații legal firm and JLL Romania provided the disposal consultancy services for the transaction.
