Electroputere mall in Craiova entered insolvency
K&S Electric Power Point, the developer of Electroputere mall in Craiova became insolvent at its own request, after being appealed by the constructor and the financing bank.
The court decision was taken on Wednesday 8th of May, according to the case registered at Braila Court. ZRP Insolvency was named judicial administrator.
Electroputere Park was going to be foreclosed on Friday, the 10th of May, the term of the first auction foreclosure of its building and land.
K&S had litigation with the construction company NM Construct from Timisoara, which have obtained the foreclosure of the commercial centre due to unpaid.
According to a case registered on 27th of February 2013, Unicredit Bank Austria, creditor of the project had intervened in the law case. According to the local press, the financial misunderstandings between K&S si NM are set around dozens million euros.
At its opening, in November 2011, the mall was rented 97%. Now the occupancy rate is 100%, according to DTZ, the lease agent of the project.
Initially, designed with a total rentable area of 55,000 sq. m, 1,900 parking places and over 120 stores, Electroputere Park was extended to more than 71,000 sq. m, the total investment reaching EUR 100 million.
K&S Developments is the developer, owner and operator of the commercial centre Electroputere Park in Craiova and is coordinated by Steven Van Den Bossche, Magnus Lofgren and Kris Carton, the representatives of a Belgian investment group. Under the name of Belrom Real Estate, the company has developed 8 retail centres in Romania, in Sibiu, Targu Mures, Braila, Bacau, Focsani. (sursa: dailybusiness.ro)
