Raptis Kavouras Greek company, which last July announced the acquisition of a 1.63-hectare plot of land in Satul Francez (French Village) for 68m euros from businessman Constantin Constanda, requested the contract be cancelled saying the seller had not met all contractual obligations and had not accepted contract renegotiation. “On July 15, we paid 35m euros, and the rest of the money was supposed to be transferred by late November, on condition that the zoning plan should be approved within the required parameters. We haven’t got it thus far, so that we requested the contract be terminated. Real estate market data has changed, so that I don’t believe there is any investor now willing to pay at least the 35m euros we paid in advance for the plot of land,” Lucian Mateescu, general manager of Raptis Kavouras, told ZF. He considers the current value of the 1.63-hectare plot the firm he runs agreed to buy in July for 68m euros (4,200 euros/square metre) now stands at 35m euros (2,200 euros/square metre) at the highest. “They asked for some time to reconsider because they are all afraid at the moment to invest amid the uncertainty generated by the international crisis. We’ll probably meet next week to discuss further,” Constanda stated.

Subiecte #French Village#Raptis Kavouras