Mohammad Alabdi, Romanian entrepreneur of Syrian nationality, owner of one of the largest livestock farms in Romania, paid in November 2016 about EUR15 million for a debt purchase which has Armonia Mall from Braila as guarantee, capital.ro informs.
The shopping center is bankrupt since 2011. CITR, mall’s judicial administrator, is organizing a new auction for the property sale on Friday, January 13.
According to sources, the building could be turned into outlet or manufacturing space. Moreover, local production unit of Taiwan’s Yazaki, showed also its interest, as electrical and lighting parts supplier for Dacia and Ford.
Further use of the property as mall depends on attracting a new retailer to fill the place left empty by Carrefour.
Mohammad Alabdi owns Gellaan Impex, a company present in top ten exporters in Romania, with a share of 5.5 percent of the country’s exports of live animals.
Armonia shopping centre in Braila was opened in 2008 and has a GLA of 29,500 sqm. The mall is developed by Red Project Three, headed by Andrew Stear, based on loans from Raiffeisen Bank, subsequently refinanced with a loan of EUR 40 million by Volksbank.
After investments of EUR 45 million and about ten months of operation, the mall was closed after Carrefour decided to leave the project.