CITR insolvency company sold Sibiu-based Fabrica de Cultură, held by Construcții S.A., currently in reorganization, to the Sibiu City Hall, for EUR 5.29 million.
“We are successfully completing a project aimed at saving an internationally acknowledged space with strong influences in our cultural landscape. We are talking about the continuity of a place hosting famous theatre plays, including Faust, a landmark performance for the Radu Stanca National Theatre of Sibiu. We are glad that we could maintain this objective in the cultural circuit, with support from the representatives of Construcții SA, and we are sure that its new owner – the Sibiu City Hall, together with the Radu Stanca National Theatre, will take the already established project of “Fabrica de Cultură” to the next level,” declared Călin Părău, Head of Commercial, CITR.
Fabrica de Cultură is an area within the Manufacturing base of Construcții S.A., created from the optimisation of spaces allocated to workshops for large precast items, concrete preparation, small precast items, manufactured items, structural steel, car and equipment repairs, and from the rehabilitation of buildings. The relocation of these workshops to other areas of the Base left way to the spaces and lands where Fabrica de Cultură appeared.
The asset includes a 34,000 sq m. plot within the built-up area, and constructions with a total area of 6,776 sq m.
“An asset that is no longer essential for an insolvent company to carry on its activities continues to be vital for the cultural landscape of Sibiu. From now on, the space acquires a new utility and provides long-term cultural continuity. At the same time, it generates a significant amount to cover the debts registered by the company at the time of its insolvency. The sale worth EUR 5,29 million plus VAT was made at 100% of the asset’s market value, as established by the valuator designated within the procedure,” added Raluca Ciortea, Project Manager within CITR.
Fabrica de Cultură is located on the outskirts of Sibiu, at 1, Triajului St., Sibiu County, also known as the East Industrial Area. The area has seen continuous development, mainly oriented towards the industrial sector, and has lately been seeing a conversion towards the residential. The place is easily accessible by car, via a paved road, and the location includes the land, alongside the industrial-type buildings and incorporated movable assets or equipment.
The total value of the goods proposed for valorisation is EUR 5.29 million, and the valuation of the goods proposed for valorisation was made by ETOS Business Valuation & Advisory, Sworn Valuator – corporate member of A.N.E.V.A.R. (the National Association of Romanian Valuers), in collaboration with Alin Tiberiu Vulea – full member of A.N.E.V.A.R., specialized in the assessment of real estate, movable assets, and plant.