Reff & Associates | Deloitte Legal assisted MAS Real Estate, one of the largest shopping center owners in Romania, in the process of selling six of such properties to AFI Europe. The value of the deal exceeds 280 million euros

Reff & Associates | Deloitte Legal team assisted MAS Property Holding, part of the South African group owned by MAS P.L.C. (listed on the Johannesburg stock exchange) in the process of selling six outdoor shopping centers, worth more than 280 million euro, to the real estate developer AFI Europe N.V. The transaction is subject to the approval of the Competition Council and of the Commission for the Examination of Foreign Direct Investment and is estimated to be completed by June 30, 2026. 

Reff & Associates | Deloitte Legal team involved in the project assisted MAS Group in the due diligence process that was the foundation of the sale, leveraging the experience gained in the long-term collaboration with the client to identify the solutions that led to the simplification and efficiency of the entire process.

The team included lawyers Irina Dimitriu, Partner, and Real Estate Industry Leader at Deloitte Romania, Simona Iacob, Counsel, who coordinated the entire project, Maria Nitulescu, Senior Managing Associate, Ioana Georgescu-Muresanu, Managing Associate, Calin Georgescu-Muresanu, Senior Associate, Diana Dulama, Marie-Louise Zanfir and Andreea Voicu, Associates.
Ovidiu Balaceanu, Counsel, and Mihai Tecuta, Senior Associate, also contributed to the success of the project. 

"The involvement in this transaction was a natural step in continuing the partnership we have developed for several years with MAS Property Holding, during which we had the opportunity to provide assistance in complex projects of sale, purchase and other specific operations. Our multidisciplinary approach contributed to the successful completion of this new stage of collaboration, through the involvement of colleagues from multiple practice areas, thanks to which we were able to offer the client efficient solutions tailored to both the transaction and the market context. We thank our collaborators for their trust, and we are ready for new challenges in an increasingly competitive real estate market," said Irina Dimitriu, Partner at Reff & Associates | Deloitte Legal and Real Estate Industry Leader at Deloitte Romania. 

The shopping centers subject of the transaction are Prahova Value Centre in Ploiesti, Zalau Value Center, Baia Mare Value Centre, Roman Value Centre, Sepsi Value Centre in Sfantu Gheorghe and Barlad Value Centre. The total leasable area of the six assets is 125,500 sqm, and they are currently leased to hypermarkets, national and international tenants and food courts.

Even after this sale, MAS remains one of the most important investors in Romania’s retail sector, retaining major assets in its portfolio such as Militari Shopping Center in Bucharest, DN1 Value Centre in Balotești, Dambovita Mall in Targoviste and Atrium Mall in Arad. The company also remains involved in major projects such as Arges Mall in Pitesti and Mall Moldova in Iasi.

AFI Europe is part of AFI Properties, one of the leading real estate development, management and investment companies operating in Central and Eastern Europe since 1997. The group operates in Romania, the Czech Republic, Poland, Bulgaria, Serbia and Latvia.

Reff & Associates | Deloitte Legal, with a team of 86 lawyers specialized in the main areas of practices of business law, is recognized as a leading law firm in Romania for the quality of services and ability to deliver solutions on complex legal matters. The areas of practice include banking and finance, business integrity, capital markets, competition, consumer business and data protection, corporate, commercial and mergers and acquisitions, dispute resolution, employment, energy and environment, insolvency, intellectual property, legal management consulting, public sector and real estate, as well as tax controversy. The firm represents Deloitte Legal in Romania, a global network with more than 3,100 lawyers in 75+ countries.