Austria's Immofinanz has bought out partner Hungarian developer Futureal's stake in a €70m shopping centre they built in Baia Mare, Romania, Futureal told MTI on Friday.
It was announced at the inauguration of the shopping centre, called Gold Plaza, last November that Immofinanz would buy out Futureal's stake. At the time, an independent appraiser put the value of the 30,000sqm property at €97 million.
When it was inaugurated, more than 80% of the 100 shops in the centre had been leased out. Now occupancy is at about 90%.
The project, which took two years to complete, was financed by Hungary's MKB Bank.