Revetas Capital announces the disposal of Vitantis Shopping Center in Bucharest by Revetas Capital Recovery Fund I L.P. to Praktiker Real Estate Romania. The transaction marks the completion of a successful repositioning and revival of the retail scheme into a large scale neighbourhood power centre focused on home, convenience and grocery products, with long-term leases secured by well-established domestic and international retail operators. The first generation 38,000 sqm GLA multi-let retail scheme is well located in sector 4 of Bucharest and was one of the first shopping centres opened in this part of the city. Terms of the transaction were not disclosed.
“The sale of Vitantis sets a new benchmark in the market as the first retail transaction in Romania to be completed post-COVID 19 in an open market process, following a record breaking lease-up program to a mix of successful retail operators to which we are grateful for their trust and partnership. The transaction is a proof of maturity and resilience of the retail sector in a period of profound transformations”, said Radu Boitan, Head of Investments at Revetas Capital.
Revetas has been advised by Țuca Zbârcea & Asociații legal firm and JLL Romania provided the disposal consultancy services for the transaction.
