The Armonia shopping center in Braila is to be auctioned off in April, with the starting price set at €25m.
Developed by Red Project Three, the center went bankrupt at the end of 2011. Currently valued at just €25m, it’s the result of an investment of €45m.
According to a report by the Transylvania Insolvency House, the debt on the mall amounted to €35m.
The 41,850 sqm scheme opened in November 2008, but closed seven months later and was placed in insolvency in November 2010.
