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Ex-PIC hypermarket in Oradea sold to Maltese investors Soon to be transformed into a logistic center
Ex-PIC hypermarket in Oradea sold to Maltese investors :Soon to be transformed into a logistic center
16 Jan, 2014 12:13
ZIUA de Constanta
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Bucharest, 16 January 2014 – PricewaterhouseCoopers Business Recovery Services, judicial liquidator of PIC S.A., finalized the sale of PIC Oradea Hypermarket to Western Logistics SRL, part of the Alf. Mizzi & Sons Ltd, one of the most prestigious companies in Malta, with activities in a wide range of sectors, including real-estate, distribution, retail, advertising, tourism, manufacturing and media.
“The transaction was completed in the context of a difficult real-estate market, with low levels of liquidity, especially for assets worth several million Euros. The buyer was identified through the global PwC network”, stated Cristian Răvăşilă, Senior Manager, Business Recovery Services Team Leader, PwC România.
The Oradea Hypermarket will soon be converted into a logistic center, with the new owner already working to set it up and to rent all or part of it for small manufacturing, storage and distribution, and logistics companies as well as for office space.
“We are very pleased to have completed this transaction. We believe that the Romanian market offers attractive opportunities for development of industrial parks, especially for logistic centers located in western Romania, with fast and easy access to the Central European market”, stated Jonathan Diamantino, Managing Director of Western Logistics SRL.
PIC SA entered bankruptcy in 2012 and still owns four hypermarkets in Pitești, Brăila, Călăraşi and Craiova, which are in various stages of the liquidation procedure.
About PwC
PwC helps organisations and individuals create the value they’re looking for. We’re a network of firms in 157 countries with more than 184,000 people who are committed to delivering quality in assurance, tax and advisory services. Tell us what matters to you and find out more by visiting us at www.pwc.com/ro
PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.
© 2014 PwC. All rights reserved.
“The transaction was completed in the context of a difficult real-estate market, with low levels of liquidity, especially for assets worth several million Euros. The buyer was identified through the global PwC network”, stated Cristian Răvăşilă, Senior Manager, Business Recovery Services Team Leader, PwC România.
The Oradea Hypermarket will soon be converted into a logistic center, with the new owner already working to set it up and to rent all or part of it for small manufacturing, storage and distribution, and logistics companies as well as for office space.
“We are very pleased to have completed this transaction. We believe that the Romanian market offers attractive opportunities for development of industrial parks, especially for logistic centers located in western Romania, with fast and easy access to the Central European market”, stated Jonathan Diamantino, Managing Director of Western Logistics SRL.
PIC SA entered bankruptcy in 2012 and still owns four hypermarkets in Pitești, Brăila, Călăraşi and Craiova, which are in various stages of the liquidation procedure.
About PwC
PwC helps organisations and individuals create the value they’re looking for. We’re a network of firms in 157 countries with more than 184,000 people who are committed to delivering quality in assurance, tax and advisory services. Tell us what matters to you and find out more by visiting us at www.pwc.com/ro
PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.
© 2014 PwC. All rights reserved.
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