Israeli-owned real estate developer Hagag Development Europe, controlled by businessman Yitzhak Hagag, has decided to cancel the agreement signed with Canadian group SNC-Lavalin to purchase an office complex in the centre of Bucharest for EUR 8.25 million and convert it into a hotel.
Hagag decided to cancel the agreement on the grounds that the seller had failed to extend the building permit and had offered to extend the deadline by a further four months, but refused. The seller had already obtained a building permit in 2019, the validity of which was extended until October 2022, for consolidation works, basement extension and underground parking, thermal rehabilitation and modernisation, as well as for the change of function from offices to hotel.
Source: Profit.ro
