Largest Romanian residential real estate project goes bankrupt.

By bne IntelliNews November 10, 2011
Asmita Gardens, the largest Romanian real estate project, went bankrupt at the request of Alpha Bank, after half of the apartments could not be sold, Ziarul Financiar daily reported. The developer Asmita Gardens, represented by Indian investors and British ECDC investment fund, can either come up with a restructuring plan, or liquidate the business by auctioning the remaining apartments. A total of EUR 120mn was spent on the project. The claims of the British and Indian investors amount to EUR 70mn. Strabag construction company also holds a EUR 8mn investment in the project.

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