Revetas Capital has sold Vitantis Shopping Center in Bucharest, with a leasable area of around 50,000 sqm, to Praktiker Real Estate, owned by businessman Omer Susli, for an undisclosed sum, according to economedia.ro.
Vitantis Shopping Center has a gross leasable area of 38,000 sqm, built on a land plot of approximately 8 hectares. The park is located in the southeast of Bucharest, at the intersection of two main routes Splaiul Unirii and Şoseaua Vitan-Bârzeşti. The retail scheme is structured in three distinctive units that attracted a mix of tenants including Brico Depot, Casa Rusu and La Cocoș.
Revetas had purchased the retail project in 2013 from a distressed investor in default of its loan obligation and with no available capital or incentive to maintain the asset. Since taking over Vitantis Shopping Center, Revetas restructured the debt financing terms and worked to attract new tenants to the project.
Following the deal, Revetas’ portfolio in Romania will include Radisson Hotel and The Landmark office project, both in central Bucharest.
Since selling the Praktiker chain to Kingfisher, Susli has snapped retail projects in smaller cities that are leased to international companies.
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