Pipera City, a project that was to be developed by the businessman Marius Ivan and his Irish partner Tom Quinn, has been placed in insolvency by its owners.
According to data provided by Creativ Real Estate Properties, the company developing Pipera City, the company’s debts had risen to over €74m.
Marius Ivan bought 12 hectares of land in Pipera from the businessman George Becali for €40m. The project was supposed to include 800 houses, 200,000 sqm of offices and 30,000 sqm of leasable retail space. Ivan had planned to over €700m in this giant project.
Marius Ivan ranks 191 in the new Top 300 Capital, but it’s believed he lost half of his net worth since last year, as it now stands at €28m. He is one of the founders of Dufa Romania dyes factory and former general manager at Henkel Bautechnik Romania. The businessman also owns North Gate office building in Pipera.
