Horia Ciorcila no longer interested in real estate market

Horia Ciorcila, the chairman of Banca Transilvania and one of the shareholders of Cluj-based refrigerating equipment manufacturer Tehnofrig, has decided together with the other shareholders of the company to sell a 11 hectare plot of land that belongs to the factory, to reduce exposure to the real estate market. “We have no intention of developing large real estate projects and both I and the other partners want to direct our attention to other fields. I am no longer interested in the real estate market and I will become involved in the restructuring of some older companies I have, as well as in financial services,” Ciorcila told ZF. The company is talks to sell this land with several investors that could build a mixed project there, consisting of homes, offices and a smaller retail section. At an average price that could exceed 200 euros per square metre, a potential deal might exceed 20m euros.