River Invest, the real estate developer of the Sema Parc office project in Bucharest, has officially gone bankrupt after the company filed for the procedure at the end of last month and the Bucharest Court has now admitted it. The company is controlled by Romanian businessman Ion Radulea.
Sema Parc was going to be developed in the place of the former Semanatoarea factory in Bucharest, which was relocated. The project would’ve included a business park, a residential area, a shopping village, hotel and social buildings. When the project was first announced in 2006, the estimated investments were EUR 1.7 billion.
The platform has a 40 ha terrain and the first stage of the project (two office buildings of 50,000 sqm) was purchased in 2006 by Europolis (current CA Immo) for EUR 90 million.
The project died shortly afterwards due to lack of funding.
River invest, the developer, is an investment vehicle controlled by a series of business men among which Ion Radulea (49.9 percet of shares), president of MYO-O, the group that owns Semanatoarea. The company recorded a turnover of RON 1.5 million in 2012, with debts up to RON 11 million.