Țuca Zbârcea & Asociații completes high-profile deal in the retail sector
Țuca Zbârcea & Asociații advised Revetas Capital in relation to the disposal of Vitantis Shopping Center to Praktiker Real Estate Romania. The firm's real estate lawyers led by Partners Oana Ureche and Răzvan Gheorghiu-Testa advised the seller on all legal aspects that were incident to the transaction.
The deal marks the completion of a successful repositioning and revival of the retail scheme into a large-scale neighbourhood power centre focused on home, convenience and grocery products, with long-term leases secured by well-established domestic and international retail operators.
Radu Boitan, Head of Investments at Revetas Capital, said: "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. During the holding period, we navigated one of the most challenging decades for retail as an asset class, additionally intensified by the dynamics of the following economic downturn initiated by the Global Financial Crisis and the massive traffic and operational restrictions imposed by the COVID-19 pandemic."
"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 a proof of maturity and resilience of the retail sector in a period of profound transformations", Radu Boitan concluded.
Vitantis Shopping Center - Praktiker Real Estate Romania deal follows another important transaction in the real estate sector that has been recently concluded by Țuca Zbârcea & Asociații's lawyers, namely a EUR 35 million acquisition of Record Park Offices in Cluj-Napoca by AYA Properties Fund.
Țuca Zbârcea & Asociații has a strong real estate team advising investors and developers, asset and property managers, financial institutions/banks, energy investors, major retailers, engineering, construction and infrastructure companies and public authorities. The firm is a three-time winner of the "Law Firm of the Year in Real Estate" Award from CIJ magazine (Central & Eastern European Construction & Investment Journal) and is also highly rated by all international legal directories (Legal 500, Chambers Europe etc) as regards its expertise in real estate and construction matters.
More details on the Vitantis Shopping Center - Praktiker Real Estate Romania deal can be found here.