Cortina Residence in Bucharest, developed by Cefin Real Estate, will hit the auction block on Oct. 10 with a starting bid of €9.2m, according to the news server WallStreet.ro. Cefin Real Estate, owned by the Italian group Cefin and the American investment fund Heitman, filed for bankruptcy in 2010 with a debt totalling €26m.
The company’s creditors included Volksbank, Investkredit, Romprest Service and the construction company Edrasis Psallidas.
Construction of Cortina Residence, located in the capital’s Baneasa, district, was stopped in 2009. Plans for the €44m project included four housing blocks totaling 270 units, of which 114 had already been sold.
Cortina Residence is not the only housing project in the capital to fall apart in recent year. Other notable projects include Asmita Gardens, Blue Tower, Ibiza Sol and Laguna Residence.
