On the same day as the boss of OTP’s bank in Romania claimed things could finally be picking up, ZF reports that it’s not looking so great for APN/UKA, the Australian fund that bought Bucharest City Mall back in November 2006 for AUD 150m. By June of 2009, the book value had fallen to just AUD 90m and the latest valuation pegs it at a mere AUD 50.4m. ZF writes that the fund is in talks with UniCredit (which acquired Bank Austria and its €40m loan on the property) after admitting it couldn’t pay back its loan which is due in a matter of weeks.
Operating income has reportedly fallen 90% this year to just €308,000 thanks to lower occupancy and lowered rents. Here’s a look at how some of the fund’s other properties are doing from its annual report.