Cluj-based businessman Horia Ciorcilă, the president and one of the founders of Transilvania Bank, enters the real estate market in Bucharest, in partnership with Evergent Investments (formerly SIF Moldova), by redesigning the Smart City mega-project in Străulești, designed by Dinu Patriciu and the Austrian group Erste before the 2008 financial crisis.
Ciorcilă and Evergent bought a plot of land with an area of about 4 hectares from Străulești Property Development, a subsidiary of Erste Group Immorent, on 37 Intrarea Străulești street. Erste Group Immorent owned this land in partnership with the family of businessman Dinu Patriciu, whwre they planned the development of Smart City, an urban complex that would include about 1,500 apartments and for the realization of which an investment of EUR 300 million was announced.
The Smart City project went into a shadow cone after the start of the financial crisis in 2008 and fell apart in 2015, after the heirs of Dinu Patriciu decided to get out of the business.
Source: Profit.ro
