In a deal worth €5m, the Romanian businessman Ioannis Papalekas bought three plots and two residential projects from Lufin Construct, which filed for insolvency in January 2012.
Papalekas acquired a 3,000 sqm plot near Bucharest’s Herastrau Park, one of the most expensive residential areas in the capital. Before the crisis hit, plots in the area were valued at between €3,000 – €4,000/sqm.
The deal also included a plot on Theodor Pallady Avenue and another in Voluntari, a Bucharest suburb. In addition to the land, Papalekas also picked up two apartment projects on Fabrica de Glucoza street.
Lufin Construct, a company owned by businessman Victor Badescu, posted revenues of more than €100m in 2009, only to see its income fall by almost 70 percent two years later.
