Isle of Man-based property developer MAS Real Estate Inc. announced that it has acquired the Atrium Mall, a shopping center in Arad, Romania, for 40.5 million euros ($45.9 million).
The mall, which was acquired by Cosmovia Holdings Limited, has a fashion and entertainment focus, with an estimated gross lettable area of 28,600 square meters arranged over three floors.
The deal forms part of MAS Real Estate’s previously announced purchase pipeline in central and eastern Europe and complements the company's income-generating portfolio of assets in the region.
The company intends to upgrade the quality of the retail offering and customer experience through advanced asset management and addition of new entertainment and leisure operators.