| Key Facts | |
|---|---|
| Location | Bucharest, Romania |
| Deal type | Repositioning/Restructuring |
| Property type | Prominent edge-oftown retail centre, 35,000m2 |
| Target closing date | 2013 |
| Origination | Direct from Bank |
| Status | Under management |
Origination
- Acquisition from a distressed investor in default of its loan obligation and with no available capital or incentive to maintain the asset.
Ownership
- Equity provided by Fund I
Role
- Revetas was responsible for origination, restructuring of debt financing and will be responsible for value creation and active asset management curing the holding period.
Value creation
- Opportunity for Revetas to take control of a strategic retail asset for minimal equity advance payment, and benefit from considerable upside.
- Reposition the asset into large format shopping centre
- Invest in building and tenant improvements and marketing to attract new international anchor tenants
- Active asset management will improve rental income
- Eliminate concessions, reduce non-recoverable costs and improve the quality of leases, including an enforced service charge
- De-lever the bank debt to sustainable level
Property Type
- Retail centre, 35,000m2
See property website for further details: www.vitantis.ro
