The Israeli group of investors Longbridge has been authorized to develop a residential complex with over 1,000 apartments on a plot of approximately 33,000 sqm in Bucharest.
The project is to be developed on a plot on which, in the past, the Horticola 1 Mai Enterprise operated and on which the former mayor George Pădure had initiated, before the real estate crisis of 2008, the Sigma Residence complex with about 1,500 apartments . Pădure’s project was pledged to the Bank of Cyprus with the land and was one of the first victims of the real estate crisis, going into insolvency. In 2012, the lot became the property of a company established by the Bank of Cyprus, and in the process of the bank’s withdrawal from the Romanian market, it was sold to Longbridge.
Source: Profit.ro
