Pipera City, a mixed-use project Creativ Proprietati Imobiliare planned to develop in the town of Voluntari, has debts totaling €75.5m. The news comes nearly three years after Creativ Proprietati Imobiliare, controlled by Marius Ivan, became insolvent. The project’s biggest creditor is Bancpost, which helped finance the development with €27m.
Ivan and Jonathan Youens bought the 12 ha plot in Voluntari in 2006. The plan was to build 200,000 sqm of offices, 30,000 sqm of retail and 800 apartments. The investment costs were estimated at approximately €700m. However, Creativ Proprietati Imobiliare filed for insolvency in 2012, and Pipera City was never completed.
