Equest could sell Vitantis retail park

Investment fund Equest Balkan Properties, which last week saw the completion of retail park Vitantis, in South-Eastern Bucharest, could soon sell the project in order to finance its development programme. A potential deal could exceed 80 million euros, according to calculations made by ZF. “Investment in this project amounted to 60 million euros, with around 30 million euros going into the acquisition of the first stage of the project, and 30 million euros into the rest of the development. Under the circumstances, the yield of the investment is of around 10% in euros per year, this being the minimum yield we accept when getting involved in development projects. A potential transaction could be sealed at an around 7% yield, considering that yields have gone up by 0.5-0.75% over the last few months,” said George Teleman, the company’s managing partner. Vitantis includes a Carrefour hypermarket, a Praktiker store, a Technomarket electronics and home appliances store, a Bontas furniture store and a 75-store commercial gallery, with stores such as Takko, Lee Cooper and Intersport.