Galleria Piatra Neamt and Galleria Buzau have been taken off the market after several failed attempts to sell it. The developer, GTC, has reclassified the two shopping centers as income-producing assets. However, the projects are no longer profitable, according to GTC’s financial reports. GTC blames low rents and says the malls are unable to attract new tenants.
Galleria Piatra Neamt and Galleria Buzau were valued at €35.1m last year. They offer a total of 59,000 sqm of leasable space and are currently 90 percent occupied. GTC posted €31.8m in revenues last year in Romania and Bulgaria, up from €29.7m in 2012.
