BCR has assigned the real estate consultancy firm Knight Frank Romania to manage the sale of the Silver Mountain residential complex in Poiana Brasov, according to the website profit.ro. The compound was taken over by the bank as part of a debt recovery from businessman Dan Fisher.
Silver Mountain has been developed on a 26.3 hectares plot and comprises 171 living units from studios to penthouses, commercial spaces spread over 2,600 sqm, a club, a restaurant and a spa center.
Existing buildings cover a surface of 2.5 hectares, and investors will have the possibility of expanding over 23.3 other hectares of land.
INR Management Real Estate, the construction firm managing the project’s first development phase, had been insolvent since 2013, having debts of some EUR 86 million towards BCR. At the beginning of 2014 the company entered bankruptcy.
BCR bought the Silver Mountain project for EUR 49.7 million and a plot of six hectares near lake Snagov for EUR 2.3 million, for which the bank assumed a EUR 34 million loss.