Lakeview building under distraint for over 1m-euro debt

The Bucharest Court of Law has levied a distraint upon Lakeview office building on Barbu Văcărescu street in Bucharest, held by Dinu Patriciu and AIG Lincoln, as a result of a litigation brought about by a one million-euro debt owed by the building owners to Portuguese construction firm Mota Engil.

The Portuguese were the first general contractor of the Lakeview, but in 2009 the works were taken over by Comnord company of businessman Sorin Crețeanu, which completed the 45 million-euro project that PricewaterhouseCoopers, Colgate-Palmolive and Royal Bank of Scotland moved into this year.
“The court levies a distraint on fixed and movable assets of the debtor (BVB Real Estate, the special purpose vehicle) until payment of the full 1.08 million euros. The court levies a distraint upon the property consisting of a 4622.35 square-metre plot (…) and the building (ground floor, underground levels and 15 floors),” reads the ruling of the Bucharest Court of Law delivered a month ago.
The decision has no direct impact on the tenants, but it precludes the owners from selling the property until the debt is paid. Company representatives did not comment on the information by the time this issue was ready for print.