The Belgian company Atenor, which launched a €30m investment in an office building in Bucharest’s Pipera district, has stopped construction pending signs of a market recovery and to take advantage of lower costs for construction works.
As recently as autumn 2010, the company said it didn’t need bank financing to build its 18,000 sqm building, which is part of the Hermes Business Campus business park. The project calls for the construction of three office building on a 15,000 sqm plot near the Pipera metro station in northern Bucharest. Atenor ended 2011 with assets of €278m, with turnover up 3% to €36.5m.
