River Invest has started insolvency proceedings against its project Sema Parc, located in Bucharest’s Semanatoarea district. The developer cites escalating debts as the main reason behind its decision. Its debts exceeded €11m in 2012, while the company’s turnover stood at €1.5m. Sema Parc has office, commercial and residential components. Covering 42 acres, the project includes 363,000 sqm of office space, a shopping center, a hypermarket, a large hotel and 122,000 sqm of residential space.
