Cocor rents facade for 1.2m euros a year after renovation

Cocor, which manages the shopping complex under the same name in the centre of Bucharest, will collect 1.2 million euros a year for half of the advertising space on the facade of the building, reveals a report to RASDAQ. Media service company Velvet Media, controlled by the Irish investment fund International Marketing & Sales Group (IMSG) won the tender for 50% of the advertising space of Cocor Channel with a bid of guaranteed net sales of 300,000 euros per quarter. The contract that will be signed on July 1 will have Velvet Media feed six hours of advertising clips per day, as of October 2008. IMSG took over Romanian sales and marketing services company Business Ideas Provider Group (BiP) for 3.3 million dollars at the beginning of the year. Cocor will have the biggest LED screen system in continental Europe installed on its facade, which comprises 13 screens with a total surface area of 565 square metres, company officials say.