Business Forum • 24 January, 2025 at 7:46 AM
M Core, the biggest owner of retail parks in Romania, has purchased Shopping City Suceava from Argo Capital, for an undisclosed sum.
The project has a leasable area of 43,100 sqm, hosting over 100 retailers, while its occupancy rate stood at 99% in 2024.
This was Argo Capital's last major asset in Romania, a group that in 2011 was the largest owner of retail spaces in the country.
“This transaction is a positive signal that confirms the increasing liquidity in the retail segment and highlights the solid performance of Shopping City Suceava. A 17-year track record of continuous growth, a robust base of international tenants, and the strategic potential of its catchment area were essential for attracting an institutional investor like M Core,” says Andrei Văcaru, CEE Head of Capital Markets at iO Partners, the agency that advised the seller.
Andreas Rialas, Director at Argo Capital, said the company is focusing on the Ukrainian market “that we predict will be extremely dynamic once the war ends.”
M Core has been the most active buyer of retail project in Romania over the past two years.
“This acquisition aligns with our strategic expansion objectives within Romania. We are actively pursuing all opportunities in the retail sector to enhance our portfolio and strengthen our presence in the market,” stated Sebastian Macdonald-Hall, Chief Investment Officer at M Core & Co-CEO of Romania – LCP.