First Mall Sale in 5 Years: M Core Acquires Argo’s Suceava Mall
Get real time updates directly on you device, subscribe now.
The real estate group M Core, whose main shareholder is the British real estate magnate Caspar MacDonald-Hall, with close ties to the Royal Family, has acquired the Shopping City Suceava mall.
M Core has assets of over seven billion euros at the European level and one of the most active investors in the retail space market in the last year.
With this transaction, Argo sold its last major asset in Romania. In 2011, it owned the Sibiu Shopping Center, ERA Iași and ERA Oradea shopping centers, which were sold in recent years.
Shopping City Suceava has a leasable area of 43,100 sqm with over 100 retailers such as Carrefour, Leroy Merlin, Mobexpert, Decathlon, Sinsay, New Yorker, KFC. Argo Capital maintained an occupancy rate of over 99% in 2024 and a sustained growth in rental income.
“This transaction represents a positive signal that confirms the increase in liquidity in the retail segment and underlines the performance of Shopping City Suceava. The 17-year history of continuous growth, the solid base of international tenants and the strategic potential of the area (catchment area) were essential for attracting an institutional investor like M Core”, said Andrei Văcaru, CEE Head of Capital Market at iO Partners, the company that advised Argo Capital in this transaction.
The giant M Core entered Romania last year, when it completed the acquisition of 25 retail parks for 219 million euros from the Belgians from Mitiska REIM. The acquisition was made through LCP Group, which manages assets of over 3 billion euros.
In December 2024, local media wrote about M Core’s intention to buy seven strip malls in Romania owned by MAS PLC for 49 million euros.
DONATE: Support our work
In an ever changing and challenging world, the media is constantly struggling to resist. Romania Journal makes no exception. We’ve been informing you, our readers, for almost 10 years, as extensively as we can, but, as we reject any state funding and private advertising is scarce, we need your help to keep on going.So, if you enjoy our work, you can contribute to endorse the Romania Journal team. Any amount is welcome, no strings attached. Choose to join with one of the following options:
Donate with PayPal
Donate by Bank Wire
Black Zonure SRLUniCredit Bank. Swift: BACXROBU
RON: RO84 BACX 0000 0022 3589 1000
EURO: RO57 BACX 0000 0022 3589 1001
USD: RO30 BACX 0000 0022 3589 1002