BCR successfully bids EUR 50 mln for Silver Mountain project

Newsroom 26/05/2014 | 15:51

The real estate project Silver Mountain based in Poiana Brasov along with a piece of land near Snagov lake were acquired by BCR for around EUR 52 million in a tender organized on May 23 by Euro Insol, the judicial liquidator of INR Management Real Estate.

The lender paid EUR 49.7 million for the residential project that has 171 apartments, 176 parking spaces, 2 commercial spaces, a multifunctional building, along access roads and additional land of 206.500 sqm.

The bank was the biggest creditor of INR Management Real Estate, which went into bankruptcy in January 2014. BCR had claimed EUR 86 million, accounting for 98 percent of the total receivables.

Remus Borza managing partner of Euro Insol said that BCR aims to sell all the apartments and finance through a special purpose vehicle the construction of a hotel with 600 accommodation spaces, including a conference center, a SPA center, a casino, clubs and restaurants. He added that the construction of the biggest golf course in also planned here, in partnership with the Brasov City Hall.

During the same tender, BCR successfully bid EUR 2.2 million for a piece of land of 59,679 sqm that has an opening of 242 meters to Snagov Lake in Ilfov County.