Two of the shopping malls developed by the controversial Theodosiou brothers – with no proper planning approval – are about to be auctioned off by the liquidators.
Their biggest creditor, Absa Bank, is bracing itself for a massive loss.
On 30 March the Lonehill Centre at 22 Lonehill Boulevard, owned by Immobili Retail Investments (Pty) Ltd (In Liquidation), and Bel Air Mall on Malibongwe Drive, also in liquidation, go under the hammer of Auction Alliance.
Absa’s outstanding bonds over the two malls total R1.05 billion. Would-be buyers consulted by Noseweek consider that, together, they are currently worth no more than R500-to-R600 million.
If this is reflected at auction, Absa faces a loss of between R400m and R505m – which will have a serious impact on the bank’s profits.
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