The parties of the transaction consider the binding agreement as not being in force anymore and not producing any legal effects towards its signatory parties.
Each of the three centers comprises between 10,000 and 14,000 sq m of net rentable area. They are located inBuzau,Piatra Neamtand Suceava which are second-tier and third-tier cities inRomania.
GTC put these properties for sale and decided to focus only on large scale shopping centers due to the change in market conditions, relatively high operational costs for smaller assets, and their different tenant mix, which lack synergies with the larger retail assets of the Group.
