Ex-PIC hypermarket in Oradea sold to Maltese investors

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 Răvăsilă, 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 Pitesti, Brăila, Călărasi and Craiova, which are in various stages of the liquidation procedure.