January 21, 2014

Maltese investors buy PIC Hypermarket in Romanian city of Oradea

The PIC Oradea Hypermarket has been sold to Western Logistics SRL, part of Maltese company Alf, Mizzi and Sons, and will be turned into a logistics centre, announced the shopping center’s liquidator PricewaterhouseCoopers.

In a statement, PwC said the buyer had activities in a wide range of sectors, including real-estate, distribution, retail, advertising, tourism, manufacturing and media and would convert the Oradea Hypermarket into a logistic center.

The exact value of the deal wasn’t revealed although, PwC’s business recovery team senior manager Cristian Ravasila said it was a good outcome for an asset worth several million euros in a difficult market.

The new owner has already started setting it in order to rent all or part of it for small manufacturing, storage and distribution, and logistics companies as well as for office space, PwC stated.

Managing Director of Western Logistics Jonathan Diamantino said the company was pleased with the outcome.

“We believe that the Romanian market offers attractive opportunities for development of industrial parks, especially for logistic centers located in western Romania, with fast and easy access to the Central European market,” Diamantino said.

PIC SA entered bankruptcy in 2012 and still owns four hypermarkets in Pitești, Brăila, Călăraşi and Craiova, which are in various stages of the liquidation procedure.

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