River Invest, which was developing the Sema Parc project, has collapsed. A Bucharest court approved the company’s insolvency request at the beginning of May. Sema Parc was being developed a 15-year time frame in Bucharest. The mixed-use scheme, which includes residential, office and retail components, as well as a hotel, hospital and school, remains unfinished. River Invest, controlled by Ion Radulea, completed first phase of the project – two office buildings totaling 50,000 sqm – in 2007. The investment was estimated at €1.7 billion. River Invest posted a turnover of RON 1.5m in 2012. Its liabilities exceeded RON 11m, according to the ministry of finance.
