Tuca Zbarcea & Asociatii Advises Revetas Capital on Sale of Shopping Center to Praktiker

Tuca Zbarcea & Asociatii Advises Revetas Capital on Sale of Shopping Center to Praktiker

Romania
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Tuca Zbarcea & Asociatii has advised Revetas Capital onĀ 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.