Altex goes into commercial space business

Electronics retailer Altex will pay at least 172bn ROL (4.6 million euros) for a company that owns commercial space in Suceava, with the most important property being the Bucovina shopping centre.

Altex intends to buy all the shares in Cometex Suceava, a company listed on RASDAQ and offer at least 572,000 ROL per every share, as shown in the announcement about its plans to put out a tender offer. Cometex’ majority shareholder is SIF (Financial Investment Company) Moldova.

Dan Ostahie, Altex Group chairman confirmed interest in the Bucovina commercial centre. The centre is a four-level building with a surface area of 1,100 sqm per floor. Cometex also owns several smaller stores.

SIF Moldova has not made a decision about the sale of Cometex yet. “We saw the announcement. We are expecting the second phase, that is the launch of the actual offer. We will see what happens on the market and then make a decision,” Alexandru Matei, SIF Moldova chairman says. SIF owns 68% in Cometex in addition to 5.7% held by SIF Moldova’s brokerage firm, Bacau-based Trend.

Cometex’ main minority shareholder is Broadhurst investment fund, which owns 19%. Broadhurst is one of the main investors on the commercial space market, preferring large properties such as Bucovina. Broadhurst manages the Winmarkt company, which comprises over ten former general stores in the country.

Broadhurst could put out its own tender offer for Cometex. “We don’t know what we’ll do yet, we are only thinking about it now. We may sell or launch a better offer or do nothing. The third option is less likely, ” Siminel Andrei, Broadhurst’s manager said.

Ostahie says Altex bought the majority stake in another commercial space company from RASDAQ back in 1999. It is about the company that operates the three-storey Nada Florilor shopping complex in Falticeni.

The closeness and resemblance between the two commercial complexes could allow for a synergy in terms of tenant mix and communication strategy. “The expertise we have acquired in the retail sector is helpful in the case of commercial centres. We are tenants in most commercial properties in the country, where we have an active presence,” Ostahie said.

The acquisition of the Nada Florilor shopping complex cost 500,000 euros, Ostahie says, and the investments in the modernisation of this complex have reached 600,000 euros in the last five years, so that it now has air conditioning and escalators.

“We will keep an eye on every opportunity that may arise,” Ostahie concluded. Besides his electronics and home appliances business conducted through the Altex and Media Galaxy chains, he has also branched out to the automotive business. To that end he became majority shareholder of Auto Moldova, an exclusive dealer of Dacia, Renault and Nissan cars in Neamt County. vlad.nicolaescu@zf.ro ; ionut.bonoiu@zf.ro