MAS has concluded binding agreements for the disposal of retail assets in Romania and Bulgaria worth €251.2 million, as part of its strategy to redeploy capital into opportunities with superior long-term returns.
The company will sell six Romanian open-air malls to AFI Europe, a subsidiary of AFI Properties, for €197.7 million. The properties include Prahova Value Centre in Ploiești, Zalau Value Centre, Baia Mare Value Centre, Roman Value Centre, Sepsi Value Centre in Sfântu Gheorghe, and Bârlad Value Centre, totalling 125,500 sqm of gross lettable area. The transaction is expected to complete by 30 June 2026, subject to regulatory approvals from the Romanian Competition Council and the Committee for Foreign Direct Investments.
The Romanian portfolio's asset value stands at €281.8 million, minus bank loans of €84.5 million and capital adjustments.
Separately, MAS will sell Galleria Burgas, an enclosed mall in Bulgaria with 36,700 sqm of gross lettable area, to Balkan Retail, the holding company of Hyprop Investments Limited's Eastern European properties, for €53.5 million. The project has a property value of €122.2 million and bank debts of €73.3 million. This transaction is expected to complete by 31 July 2026, pending approval from Bulgaria's Commission for Protection of Competition and financing bank approvals.
The Romanian properties generated €8.9 million in net operating income for the six months to 31 December 2025, whilst Galleria Burgas contributed €4.8 million. Both transactions are classified as Category 2 transactions under JSE Listings Requirements and do not require shareholder approval.
MAS will redeploy the proceeds in line with its investment strategy, with timing dependent on the availability of suitable opportunities that are expected to deliver superior long-term risk-adjusted returns.
iO Partners brokered the transaction.
