MAS owned Moldova Mall in Romania underwent a redevelopment and reopened in April 2025.
MAS, the JSE, A2X, and Luxembourg-listed operator of commercial properties in Eastern Europe, said Tuesday it had sold assets in Romania and Bulgaria to realise about €369.4 million (R7.1 billion), after bank loans and taxes.
MAS said it had reached agreements for the sale of shares of eight of its subsidiaries, holding six open-air malls in Romania. The buyer is AFI Europe, owned by AFI Properties, a leading owner of retail and office properties in Central and Eastern Europe.
The purchase price was €197.7m, being the VC Properties asset value of €281.8m, less bank loans secured over the VC Properties, expected to be €84.5m.
MAS said it was also selling the shares of its subsidiary, Galleria Burgas, which holds Galleria Burgas, an enclosed mall in Bulgaria, to Balkan Retail, a holding company of Hyprop Investments, with the sale proceeds of €53,5m, realised from the sale value of the GB Property of €122.2m, less bank loans secured over the property expected to be €73.3m and adjustments for working capital customary for a transaction of this nature.
