The 31,000 sqm City Mall in Bucharest is undergoing a renovation, which should be completed by June, according to the daily Capital. ETEM Systems will oversee the renovation work.
The businessman Ioannis Papalekas bought City Mall in 2005 for €46m. Capital writes that the property was sold on in 2006 for €103.5m, and then again in 2011 for €17.3m.
The mall has been in bankruptcy since November 2010 due to debts amounting to €76m.
City Mall was developed on a 7,774 sqm plot and includes parking for 880 cars.
