Greek real estate company Star Imob managed to buy back the City Mall shopping center in capital city of Romania for 17.3 million euros, after having bought the mall in 2005 for 46 million euros and sold it to Australian APN Fund a year after for 103 million euros.
Ioannis Papalekas is the head of the real estate company spreading its activities in Romania. The shopping centre was under bankruptcy for quite a time now before the investor bought it for a 6 times lower price than the initial one.
Financial problems concerning the exposures of several banks on the mall and those of the previous owners on the banks have not yet been sorted out but it is expected that by the end of the year Mr. Papalekas will have paid all the necessary acquisition money for the shopping centre.
Mr. Papalekas has also invested in the UpGround mixed project in Pipera area and is involved in recent office bulding transactions with Eurobank Properties REIC in Bucharest estimated at 40 million Euros.
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