Billa could drop investment in Iasi

Billa Romania, branch of the Austrian concern owner of the Billa supermarket chain, could drop the $8 million investment it was planning to make in Iasi as the piece of land on which it was to build a supermarket is under litigation.

Iasi City Hall and Transmixt Company are currently disputing the property right on this piece of land, located near the Bus Station in Iasi.

The City Hall claims it owns the piece of land (1,540 sqm), consisting in driveways and parking lots and challenges the Transmixt’s property right for it. To address this issue, the Local Council was summoned last week, but the councillors in Iasi said they had to wait before justice delivers a ruling in this case.

Mayor Constantin Simirad feels that the piece of land in question is located on public domain, therefore the City Hall would not give up its claim on it under any circumstances. “I am a law-abiding mayor,” Simirad explains.

Cristi Petrescu, investment manager within Billa says the lawsuit between the two parties could take up at least one year and added that such an investment was impossible to start under such uncertainty. He also specified that in case the land issue was not quickly solved in Iasi, his company would go to Piatra Neamt instead.