Tuca Zbarcea & Asociatii has advised Revetas Capital on its disposal of the Vitantis Shopping Center to Praktiker Real Estate Romania. Moldovan & Partners reportedly advised Praktiker.
"The deal marks the completion of a successful repositioning and revival of the retail scheme into a large-scale neighborhood power center focused on home, convenience, and grocery products, with long-term leases secured by well-established domestic and international retail operators," Tuca Zbarcea & Asociatii informed.
The Vitantis Shopping Center is a retail space covering 38,000 square meters, located in Bucharest's fourth district.
Founded in 2012, Revetas is a real estate investment advisor focusing on value-add assets in the CEE. The company operates in London, Vienna, and Luxembourg.
"The Vitantis Shopping Center was one of most ambitious investment exercises we undertook in 2014 and a showcase of a successful turnaround of a 'first generation' shopping center located in one the most competitive submarkets of the Romanian capital city," Revetas Capital Head of Investments Radu Boitan commented. "The sale of Vitantis sets a new benchmark in the market as the first retail transaction in Romania to be completed post-COVID-19 in an open market process, following a record-breaking lease-up program to a mix of successful retail operators to which we are grateful for their trust and partnership. The transaction is proof of the maturity and resilience of the retail sector in a period of profound transformations."
The Tuca Zbarcea & Asociatii team was led by Partners Oana Ureche and Razvan Gheorghiu-Testa.
