PwC Business Recovery Services (BRS), the restructuring and insolvency division of PwC Romania, plans to sell an 89,502-sqm land plot in Eastern Bucharest at auction.

The land plot is located on the Colentina Boulevard, close to Bucharest’s exit to Voluntari. It will be sold through a Dutch-style open public tender, at a starting price of EUR 24.4 million and a minimum closing price of EUR 22.5 million.

The land plot is owned by bankrupt company Bel Rom Noua SRL, which used to be part of BelRom group. The group, controlled by Belgian investors Carl Decoopman, Steven Van Den Bossche and Hendrik Danneels, bought the land plot in 2008, just before the crisis, for some EUR 60 million, according to media reports at that time. It planned to develop residential units and offices, according to PwC BRS. The project was put on hold due to the crisis and the company filed for insolvency in 2012. In October 2016, it went bankrupt and last year PwC BRS took over as judicial liquidator.

editor@romania-insider.com