Cefin Industrial Park in Arad put on the chopping block for EUR 26 mln debts

Newsroom 11/06/2014 | 18:02

The industrial park built in Arad (western Romania) in 2011 by Italian group Cefin has been put up for sale through direct negotiation by the legal administrator of the real estate developer which went insolvent in 2013 for debts of 114 million lei (EUR 26 million), mostly owed to Volksbank, writes Mediafax.

BDO Business Restructuring, legal trustee, wants to sell the 8 modules with a total surface area of 44,400 square meters. Also included in the deal: 2,600 square meters of office space, a three-story building left unfinished, a concrete flat surface meant to be a parking lot and an access way that covers 27,400 square meters.

Offers are expected until June 25, though BDO didn’t offer information on the starting price. The administrator specified only the candidates who bid for the tender specifications may be privileged to receive that information.

This is not Cefin’s first failure on the local real-estate market given that two other projects have went bankrupt: one in Iasi and one in Bucharest in the case of Residential Complex Cortina. The project was eventually bought by a Romanian investor.

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