Aegek dumps 26m-euro project

Greek constructions group Aegek has notified the Greek Stock Exchange of its sale of the Millenium Business Center building, which is currently under construction close to the Armenian Church in Bucharest, for the price of 5 million euros.

The office building, which is located on a 1,770 square-metre plot of land, was sold by Aegek Rom Construct, a member of the Aegek group, to 3Kappa Real Estate Invest SRL, another Greek company, announced Aegek.

Neither Aegek Rom Construct nor 3Kappa Real Estate Invest SRL had been available for comment by the time this story went to print.

Aegek Rom Construct announced the Millenium Business Center project some years ago and works began in 2001.

The plans involved a 20-26 million-euro investment in a 25,600 square metre building with 18 aboveground levels and several underground levels.

Aegek later halted works on the building amid market rumours of technical problems, which implicitly led to a decline in interest from potential financial investors.

Towards the end of the year Aegek announced it would resume working on the building, of which several floors had already had been completed and which is now scheduled to open by mid next year.

Aegek is a Greek company specialised in construction and is represented in Romania by Aegek Rom Construct, which was established in 1998 as part of the group.

Aegek has already collaborated on various other projects in Romania, including the modernisation of the Timisoara-Lugoj and Buzau-Focsani national roads, and the rehabilitation of the waste water treatment system in Calafat.

ionut.bonoiu@zf.ro