MAS sells Romanian and Bulgarian assets for €216.1m net proceeds

Property investor and operator MAS has disposed of several assets in Romania and Bulgaria, which are expected to generate €216.1 mln in net proceeds after debt repayment and taxes.

Galleria Burgas

MAS, through its subsidiary MAS Property Holding (MAS Prop), has agreed with retail and office property owner AFI Europe, a subsidiary of AFI Properties, to sell shares in eight of its subsidiaries that own six open-air malls in Romania (VC Properties).

The completion of this transaction, not subject to shareholder approval, is anticipated by 30 June 2026, pending approvals from the Romanian Competition Council and the Committee for Foreign Direct Investments. The expected cash sale price for the VC SPVs is €197.7 mln, calculated from the VC Properties' asset value of €281.8 mln, less €84.5 mln in secured bank loans and working capital adjustments.

The VC Properties, all retail assets, include Prahova Value Centre in Ploiesti (€64.9 mln valuation), Zalau Value Centre in Zalau (€58.9 mln), Baia Mare Value Centre in Baia Mare (€45.5 mln), Roman Value Centre in Roman (€52.0 mln), Sepsi Value Centre in Sfantu Gheorghe (€40.9 mln), Barlad Value Centre in Barlad (€35.2 mln), Baia Mare Value Centre extension (€6.9 mln) and Roman Value Centre extension (€6.9 mln). The total valuation of these assets is €311.2 mln across 125,500 m² GLA.

MAS Prop has also agreed to sell its subsidiary, Galleria Burgas, which holds Galleria Burgas, an enclosed mall in Bulgaria (GB Property), to Balkan Retail, a holding company for Hyprop Investments Limited's Eastern European properties.

This transaction is also a Category 2 transaction, not requiring shareholder approval, and is expected to close by 31 July 2026, subject to approval from the Bulgarian Commission for Protection of Competition and financing banks. The anticipated cash sale price for Galleria Burgas is €53.5 mln, derived from the GB Property's sale value of €122.2 mln, less €73.3 mln in secured bank loans and working capital adjustments.

As of 31 December 2025, Galleria Burgas had a fair value of €125.4 mln, a gross lettable area of 36,700 m², and a weighted average monthly rental of €21.93/m². Its net operating income for the six months to 31 December 2025, was €4.8 mln.

Galleria Burgas is located in Burgas, Bulgaria's fourth-largest city. Opened in 2012 and redeveloped in 2024, Galleria Burgas features over 100 stores across 36,700 m² of gross lettable area, housing major brands like Zara, H&M, and Cinema City.

MAS plans to broaden its investment activities beyond traditional real estate and historical markets. Capital from these disposals and retained earnings will be invested in opportunities offering superior long-term risk-adjusted returns.

Mihail Vasilescu, a current non-executive director and partner at Prime Kapital, has been appointed as the new CEO of MAS, effective immediately. Vasilescu brings over 23 years of real estate and financial industry experience, including founding Rampart Capital and significant roles in the Romanian banking sector.

Irina Grigore, the former CEO, will transition to the role of CFO, a position she held before her CEO appointment, also effective immediately.