Tagor Capital Investment Fund wants to redeem Planorama housing project, which is in insolvency, and to replace the developer Euro Habitat on the grounds of its inability to realize the scheme.
Tagor Properties, a subsidiary of Tagor Capital has been appointed to estimate the necessary cost to complete the project and implement a strategy that would maximize the financial results of the project.
Planorama’s biggest creditor is Piraeus Bank. The Planorama project was unveiled in 2005 with the intention of producing 1,110 apartments in four blocks through an investment of €70m.
So far, no apartments were ever delivered as construction suffered repeated interruptions. It was originally scheduled for completion in 2007.
