The Cortina Residence in Bucharest, developed by Cefin Real Estate, has been put back on sale by its liquidator, this time for €5m.
BDO Business Restructuring, a court appointed liquidator, has already organized several auctions so far without success. At the previous auction price was reduced to €7.3 m, down from the original €9.2m asking price.
Cefin Real Estate, owned by the Italian group Cefin and the American investment fund Heitman, filed for bankruptcy in 2010 with debts totalling €26m. Its creditors include Investkredit and Volksbank, 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.
Declining sales have forced several residential projects in Bucharest to become insolvent or bankrupt in recent years, including Asmita Gardens, Blue Tower, Ibiza Sol, Alia Apartments and Laguna Residence.
