Blue Tower residential from Bucharest, up again for auction, with 10% down price
The liquidators of Copper Beech Capital, the developer of the residential project Blue Tower from Bucharest have again the intention to sell the project, this time with a down price.
In February and March they held also auctions for the selling of the residential building in Colentina, with the starting price of EUR 13.83 million, representing a half of the company’s debts.
As no investor showed, the liquidators went down nearly 10%. The new price is now EUR 12.5 million, excluding VAT. The new auction will take place on 10th of May, at 3 pm.
The developer Copper Beech Capital went bankrupt beginning of December 2010, after the Bucharest Court rejected the reorganizing plan of the company. The 16 floors tower, situated on Plumbuita lakeside, had the scheduled completion for September 2009 and should include 156 apartments, which from 100 were already sold.
The investment was nearly EUR 30 million, with EUR 14 million loans from Alpha Bank. Copper Beech’s debt reaches EUR 27 million.
Copper Beech group, with British capital, announced in 2008 the construction of several residential projects in Romania, a total of 17,000 apartments with an investment of EUR 2.5 billion. From the company’s plan Blue Tower, still under construction, is the only project alive. (source: economica.net)