South African investment fund MAS Real Estate, which last year took over the Militari Shopping Center in Western Bucharest, has reached an agreement to buy a portfolio of nine shopping centers in Romania from PKM Developments. The value of this transaction is about €109 million, Profit.ro reported.
PKM Developments is a joint venture established in March 2016 by MAS RE and Prime Kapital, which is controlled by former NEPI managers Martin Slabbert and Victor Semionov.
The nine shopping centers are located in Roman, Baia Mare, Slobozia, Focsani, Ramnicu Sarat, Targu Secuiesc, Fagaras, Gheorgheni, and Sebes, and have an aggregate leasable area of 67,959 sqm. Roman Value Center and Baia Mare Value Center, the two largest shopping centers with a cumulated area of over 42,000 sqm, were opened at the end of last year. The price includes the money paid to the initial developers plus the loans still owed to creditors.
The investment extends MAS Real Estate’s revenue-generating portfolio in Romania. The company estimates strong rent and tenant business growth in the nine shopping centers, as newly developed properties will mature over the next few years.