Chimopar sells land worth 21m euros in Bucharest

Bucharest-based Chimopar, a producer operating in the chemical industry, with a capitalisation of less than 6 million euros on the Stock Exchange, is set to sell a plot in Bucharest for over 20 million euros. Chimopar has put up for sale an over 7-hectare plot located in the Southeast of the Capital, with the ad due to be published in the press yesterday. According to information on the real estate market, the sale price of a square metre of land in the area is around 300-500 euros, which places the value of the land at over 21 million euros. At the last price for Chimopar’s shares, of 2.6 RON/share, the company’s market value amounts to 5.8 million euros. The company wants to sell its land to a real estate developer, which will develop retail space there, and after completion, intends to buy back the land, including the project developed on it or part of it. “The ad is a test to see how much we can get for the land. Many things can happen until the project is completed. We could use our profit, or credits, to buy it” said Vasile Ailinca, general manager of Chimopar.