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More than 500 mln euros worth of property unable to find buyer

Real estate worth more than 500 million euros both in the Romanian capital and countrywide has been available for sale for several months, but is unable to find a buyer.

The land of the Bucharest-based Timpuri Noi and Titan Mar factories, the commercial centres developed by Belgian company BelRom in Bacau (eastern Romania) and Braila in the southeast, the land and assets of Rulmentul factory from the central Brasov city, Armonia project developed by RED in Braila, the Baneasa Business Centre office building or the land of Textila factory from Iasi (northeastern Romania) are but a part of the real estate assets being available for sale for several months, with no transaction having been made so far. Real estate consultancy Colliers International's managing partner Bogdan Georgescu says the situation is currently difficult in the real estate market and that part of the owners of such assets plan to sell at last year's prices, while the financial conditions - i.e. the interest rates - are no longer the same. He adds, however, that talks are at an advanced stage on one or two of those assets, so that fresh significant transactions might be seen in the period ahead. BelRom puts its Bacau- and Braila-based projects at some 80 million euros to 90 million euros each, after having pocketed more than 170 million euros from the sale of the retail parks based in the central cities of Sibiu and Targu-Mures, while the lands in Bucharest were put at 100 million euros each. The Rulmentul Brasov liquidators will try for the eighth time in August to sell the factory's assets and 44-hectare land, with the reserve price of the auction having dropped to 40 million euros. Sursa: http://www.rompress.ro

Tags: euros assets million

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