The Retail Park Magnolia company, through which the fund owned the property, was valuated at €19.79 mln, according to Lewis Charles. Following the sale, the fund announced the termination of its contract with Westhill, which was to ensure the development of the mall.
Blackpearl Property formed a joint venture with Lewis Charles for the Evergreen residential complex, a project which has also been put on hold, according to market sources.
Lewis Charles Romania bought the 99,000 square meters of land in Ploiesti from Westhill in 2007, for €13.6 mln. The fund invested €21.6 mln in this project. When the project was launched, the cost of the development of the Ploiesti-based mall was estimated at €140 mln, including the price of land and infrastructure.
The project has a rentable surface of more than 58,000 sqm, on three floors, and was to continue expanding, based on market demand, with a second phase for a surface of 20,000 sqm, whose cost could have amounted to €30 mln. The company was estimating to finalize the project in 2010.
