The residential complex with over 200 units, developed by BCR Business Group will be sold to foreign investors.
"We are already in advanced negotiations for the block sale of the project, somewhere at 90%. WE will be able to make public the buyer in maximum a month. A package made of 165-170 units will be sold. 29 units have been already sold by the developers, before insolvency. A few pre-sale contracts existed also, but they have been terminated. ", has declared for ECONOMICA.NET Andreea Comşa, the real estate department director of Euro Insol, the judicial administrator of Citadella Titan, Ibiza Sol and Asmita Gardens.
Citadella Titan includes two buildings with 14 floors each and 224 studios, two rooms and three rooms apartments. The company announced in 2007 that the project involved an investment of EUR 20 million, the financing being insured by BCR. The project was completed in spring 2010.
The biggest secured loaner is Banca Comercială Română (BCR), who has also financed the project and needs to recover EUR 8.94 million. The value of the wage receivables is EUR 2,245 and the budgetary claims EUR 160,000. The unsecured claims belong to the Israeli businessman who invested in the project. The total value of these claims reaches EUR 9.2 million. (source: economica.net)