Casa de Insolventa Transilvania (CITR) announced on Friday that has successfully completed the sale procedure of the insolvent real estate project Swan Office & Technology Park.
According to a press release, the sale price obtained is EUR 30.3 million, which is around 50 percent above the price approved by creditors.
The project was sold to Smartown Investments, advised by Wolf Theiss Romania.
Six investors have negotiated in the final race for office buildings in Pipera, after having fulfilled the required criteria of CITR, offering at least EUR 20.6 million.
“The sale of the project came as a result of the sustained effort of CITR’s specialists which managed to grow the leasable area (GLA) by over 130 percent, from 33 percent, what it was at the insolvency onset, to 78 percent, as it is at the moment of sale. This performance has undeniably increased the value of the project and made it more attractive for investors,” Vasile Godina-Herlea, managing partner of CITR said.
According to Bogdan Gorde, project manager and Senior Partner at CITR, several hundred investors have been contacted during the sale procedure of the office project and over 150 of them, of 26 nationalities, were directly interested in Swan Office & Technology Park.
Swan Office & Technology Park, located near Bucharest in Ilfov county, was evaluated at EUR 50 million, being developed by Chayton Capital and comprises 29,000 sqm. The project hosts three office buildings.