Alpha Bank recently acquired insolvent Asmita Gardens housing complex, which it financed with about EUR 80 million. The complex was built by Indian group Asmita and British investment fund Convergence Development Limited, following an investment of EUR 120 million.

Alpha Bank acquired the complex via AGI-RRE Participations 1 Limited.

“AGI-RRE took the residential complex on the account of the debt, so the debts AGI-RRE had to recover from Asmita were converted into shares. The debts amount to some EUR 40 million,” Remus Borza, managing partner of Euro Insol – the judicial administrator of the residential complex, told local Mediafax.

He added that Asmita Gardens will exit insolvency after the transaction, AGI-RRE being the only creditor.

Irina Popescu, irina.popescu@romania-insider.com