The complex is developed by the company Swan Property, controlled by the investment fund Chayton Capital, which entered insolvency in January 2013 and the project went bankrupt. The complex, with an area of 29,000 sq. m, was completed in 2011 and has an occupancy rate of approx. 45 pct. The low occupancy rate was one of the main reasons of its insolvency, according to Mediafax.
The liquidator, Casa de Insolventa Transilvania, tried to sell the project for several times, initially by auction, organized for a starting price or EUR 42.7million, and then the creditors decided to go through direct sale, for a starting price of EUR 31 million. Several investors were interested but no agreement was signed.
Considering the failed attempts to sale the project, the creditors decided a new strategy, the sale through competitive public auction, for a starting price of EUR 22 million, without VAT. The auction is scheduled for the 17th of November, and the tender should be submitted the latest on 13th of November. The Participation guarantee was set to EUR 1 million.
The liquidator is selling the three office buildings of the complex and the corresponding land of 22,866 sq. m, as well as an additional plot for further development, of 5,000 sq. m.
The developers have received in 2008 a loan of EUR 92.7 million from UniCredit and Volksbank. According to data from the Ministry of Finance, the company Swan Property had nearly EUR 84 million debts in the end of 2012. The project’s tenants include eMag, Flanco, Mercedes, BIC and Bilfinger. Swan Office & Technology Park represents an investment of more than EUR 50 million. (source: wall-street.ro)