Swan Office & Technology Park enters insolvency

Newsroom 05/03/2013 | 14:54

Casa de Insolventa Transilvania (CITR) has been appointed the judicial administrator of Swan Property, the developer of Swan Office&Technology Park office project in northern Bucharest.

The project was opened in the second quarter of 2011 in the Pipera neighborhood and has a total surface of 29,124 sqm. Swan Office&Technology Park required an investment of about EUR 50 million and its creditors are UniCredit Bank Austria and Volskbank Austria. The investment was made by London-based company Chayton Capital LLP.

At the end of 2012 the company announced an occupancy rate of about 35 percent.

Over the next period CITR representatives and Swan Property will analyze “the opportunities presented by the project”. “The activity of Swan Property will continue based on the ‘business as usual’ principle” said CITR representatives.

“Real estate and constructions are two of the industries which have been the most affected by the economic crisis. This is precisely why we see many insolvencies among developers. We think, however, that just as in the case of the Alia Inmobiliaria project which had a real success after going insolvent, insolvency represents an opportunity for Swan Property as it will allow a fast reorganization of the company’s activities,” said Andreea Anghelof, managing partner CITR.