Portland Trust has dropped plans to expand the Floreasca Park office complex in Bucharest after the businessman who was going to sell the developer the land was imprisoned on tax evasion charges. The matter is expected to take five years to resolve, forcing Portland Trust to scrap its expansion plans. Floreasca Park was completed late last year on land bought from Gigi Becali. The developer was planning to expand the project to another lot that it was going to buy from Becali.
Portland Trust said it is currently negotiating the purchase of another land plot to develop a new office building in the capital’s Barbu Vacarescu district. Floreasca Park comprises two office buildings that cover an area of 37,500 sqm. The project is almost entirely leased.
