Equest fund sells project in Targoviste at a loss

In need of cash, Equest Investment Properties investment fund sold, at a loss, the shopping complex held in Targoviste to an international real estate developer represented by Valentin Visoiu, who owns Conarg group, with operations in constructions and real estate industries, according to some market sources. Targoviste-based Shopping Center mall, with a 6,530-sqm area, has a Praktiker and a Technomarket store as anchors. Visoiu could not contacted, and Equest chose not to comment on this issue. The deal was coordinated by Jones Lang LaSalle real estate consultancy through an international offer. The value of the deal was not disclosed, but it may stand below the 8m-euro price paid when the project was acquired two years ago, when the net return was put at 8%, given that the value of most shopping centres has dropped below purchase costs over the past six months. It is the case of Moldova Mall shopping centre Equest owns in Iasi and that is assessed at 26.5m euros after the company paid 35m euros for it back in 2006. Equest owns ten properties in Romania and is currently in talks to sell its office portfolio of Bucharest, Vitantis retail park and the still-undeveloped retail park of Ploiesti.