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 investors interested in the property could buy the tender specifications starting 10th of June, and the participation offers for the direct negotiation should be submitted by 9th of July. Swan Office & Technology Park was initially up for auction in December, for a starting price of EUR 42.7 million. The liquidator, Casa de Insolventa Transilvania, 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 Ford, Flanco, Coca-Cola, Vodafone, Renault Technologie Roumanie and Mercedes-Benz. Swan Office & Technology Park represents an investment of more than EUR 50 million. (source: wall-street.ro)