PricewaterhouseCoopers, (PwC), the legal liquidator of EFG
Crevedia Development, sold a 124.16-ha plot of land in Crevedia
town near Bucharest for a starting price of 11.17m euros during an
auction, in the wake of one of the most resounding real estate
bankruptcies domestically. “There was a single bidder at the
auction, who asked to remain anonymous until documents are
finalised. Only the buyer’s lawyer attended the auction,” Speranta
Munteanu, senior head of the business restructuring department of
PwC Romania, told ZF. The group of British investors that managed
the portfolio valued the land plot at 42 euros/square metre in July
2008. The deal was sealed at a price of below 9 euros/sqm, that is
a discount of over 75%. The money will be used to pay part of the
loan EFG contracted from Raiffeisen to buy the plot, on which a
“mini-city” of 6,000 housing units was due to be raised. EFG
Crevedia’s debt amounted to 21m euros at the beginning of the year,
according to the Finance Ministry’s website.

Subiecte #Buftea#Crevedia#pwc#Speranta Muntean