CEO of PlusCity Increases Engagement in Croatian Westgate

People ♦ Published: February 8, 2012; 11:45 ♦ (Vindobona)

Ernst Kirchmayr, CEO of the Upper-Austrian shopping center has raised his stake in the Zagreb-based shopping center “Westgate”.

CEO of PlusCity Increases Engagement in Croatian Westgate / Picture: © Westgate Zagreb

In spite of declining sales, Kirchmayr is convinced of Westgate´s success. Last year, Westgate recorded declining sales. Moreover, the shopping center project was criticized for its unfavorable location. Nevertheless, Kirchmayr increased his stake from 25% to 33%.

All in all, investments total € 270m, equity capital amounts to € 150m. In 2009, Kirchmayr acquired a 25% share…

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