Alpha Bank, through AGI-1 RRE Participations Limited, acquired Asmita Gardens in Bucharest. The residential project was built by the Indian developer Asmita in partnership with Convergence Development Limited. The project cost €120m to develop, of which €80m was financed by Alpha Bank. Asmita still owes AGI-RRE money. Under the terms of the sale, part of Asmita’s debt was converted into shares. The bank paid the developer just €40m for the property, according to Remus Borza, managing partner at Euro INSOL. He expects the bank will be able to sell about 260 apartments in the project by February. One of the largest residential projects in Romania, the project is located near the intersection of Vacaresti Road and Splaiul Unirii. It includes seven residential towers and 800 parking spaces.
