The shopping center in Rahova will be transformed into one dedicated to families by its administrators, the firm Resolute Lar Romania, which took over the Liberty Center mall in 2013 after it came to be owned, following foreclosure, by the banks that financed the construction: Eurobank, Alpha Bank, and Bank of Cyprus.
Liberty Center was inaugurated in 2008, with approximately 70 million euros invested in it. At the time of opening, the shopping center’s occupancy rate was 100%, but it began to decline over time and with the emergence of larger players on the market, such as AFI Palace Cotroceni or Sun Plaza.
“We took over the management of Liberty Center in 2013, the project being in a complicated situation, the first step being to stabilize the situation. The market is tough, but the project must find its place in the current situation, and we aim to transform it into a proximity center, intended for families, and we have a business plan starting from this concept. We want to transform the second floor in 2015 into a leisure area, with a large entertainment zone, alongside the ice rink and cinema. We have promises from the shareholders that they are willing to invest in this project,” stated Ionut Dogaru, country executive manager of Resolute Lar Romania.
The company Resolute Lar Romania, specialized in real estate asset management consultancy, was formed through a partnership between Resolute Asset Management, a company founded by Australian banker Bill Hancock and lawyer Robert Kingsmill, and the company Grupo Lar from Spain. In Romania, Resolute Lar manages the Promenada Mall projects in Focsani and Bacau, an unfinished retail park in Deva currently in insolvency, and a project for optimizing the real estate portfolio owned by a bank.
Source: Imobiliare.Net
Frequently Asked Questions
Who manages Liberty Center mall?
Liberty Center is managed by Resolute Lar Romania, a partnership between Resolute Asset Management and Grupo Lar.
What is the new strategy for Liberty Center?
The mall is being repositioned as a family-oriented proximity center, focusing on entertainment and leisure facilities.
Which banks financed the construction of Liberty Center?
The construction was financed by Eurobank, Alpha Bank, and Bank of Cyprus, who took ownership following foreclosure.