Cortina Residence in Bucharest’s Baneasa area will be back on the auction block Dec. 18. Bidding will start at €7.33m, down from the original €9.2m asking price. Cefin Real Estate, which developed the project, became insolvent in June 2010. Its creditors include Investkredit and Volksbank, Romprest Service and the construction company Edrasis Psallidas.
Declining sales have forced several residential projects in Bucharest to become insolvent or bankrupt in recent years, including Asmita Gardens, Blue Tower, Ibiza Sol and Laguna Residence.
