MAS, the green property owner and operator focused on Central and Eastern Europe, expects to meet its guidance expectations for the year ended June.
The company, which has retail assets in Romania, Bulgaria and Poland, said on Monday it expected its results from operations to achieve International Financial Reporting Standards (IFRS)-basis distributable earnings guidance of between 9.37 to 9.79 euro cents per share.
Consumption remained strong in all Central and Eastern European countries where the group operates, during the first five months of the 2025 calendar year, with all its properties benefiting from robust trading.
Like-for-like footfall in the group’s directly owned properties in Central and Eastern Europe was slightly above the same period in 2024, and tenants’ sales per square metre exceeded prior year levels by 7%, in both enclosed and open-air malls.
Collection rates for the five-month period to end-May were at 99.2%.
Occupancy of Central and Eastern European retail assets, decreased marginally to 97.8% from 98% at the end of December last year, mostly due to the group’s disposal of strip malls assets during the period.
The group said construction at Mall Moldova, Iasi, owned by its development joint venture with Prime Kapital Holdings, was finalised as scheduled, and the centre opened on April 17. It is Romania’s second super-regional enclosed mall and retail node, and the only one of this magnitude outside Bucharest.
It is the largest shopping destination in the Moldova region, bringing in to the eastern part of the country more than 250 national and international retail brands. Occupancy at its opening was over 94% of the centre’s gross lettable area and footfall, and tenants’ sales since then have been “exceptional”, MAS said.
On June 6, MAS received notice that the development joint venture will exercise its put option in respect of the two property extensions built and owned by the venture to existing MAS directly owned properties — the Baia Mare and Roman Value Centres’ extensions.
This acquisition will allow MAS to fully consolidate its position in respect of these properties by directly owning them. The transfer is expected to take place by the end of August.
In addition, MAS has called an extraordinary general meeting (EGM) for July 11 after a shareholder request by PK Investments (PKI), a Prime Kapital affiliate, to vote on two resolutions that could shift the company’s strategy.
PKI, which holds over 20% of MAS, plans a takeover bid if the resolutions are rejected. Hyprop has also raised R1.6bn for a possible competing offer.
MAS and Prime Kapital run a joint venture in Central and Eastern Europe. The two are in dispute over how profits should be distributed, with MAS insisting preference dividends be paid first.
If unresolved, the matter may go to arbitration, the group said.
“The board is finalising the appointment of a reputable SA investment bank as its independent corporate adviser and has appointed Valeo Capital as its independent transaction sponsor. These appointments will assist the board in assessing the implications of the potential bids and the proposed strategic changes put forward at the EGM,” MAS said.
Both PKI and Hyprop are preparing competing bids for MAS, but neither has yet made a formal offer to shareholders, according to MAS.
Update: June 30 2025
This story has been updated with additional information.
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