Globe Trade Centre (GTC) has signed a preliminary agreement to sell Galleria Arad, a year after it invested about €1m into a new entertainment area for the shopping center. High commercial vacancy rates and low rents are the main reasons behind the developer’s decision to sell. Cora hypermarket, which leased 9,000 sqm, left the shopping center at the beginning of June. The vacancy rate of the two shopping centers GTC owns in Romania, Galleria Arad and Galleria Piatra Neamt, hit 65 percent, while their combined revenue fell to €1.6m in H1 2015, down 13.5 percent y-o-y.
GTC sold Galleria Suceava and Galleria Buzau last year to Primagra and Eurosting respectively, as they were also unprofitable.
