The residential project Citadella Titan in Bucharest is up for sale for some EUR 6.8 million without VAT, as part of a business reorganization plan for its developer BRC Business Group.

The developer, whose judiciary administrator is Euro Insol, could also sell the residential compound apartment by apartment, in which case it could make some EUR 10.4 million excluding the VAT.

The reorganization plan also includes the possibility to hand over the entire project to main lender Banca Comerciala Romana.

BRC Business Group, created in 2006 by a group of investors form UK, the Netherlands and Isarel, filed for insolvency in January 2012.

In February 2013, the main lender BCR asked for Euro Insol to become judiciary administrator, and the court approved. The developer has debts of some EUR 16 million, out of which half is to BCR.

Citadella Titan features two blocks of flats of 14 floors each, and has 224 apartments of one, two and three rooms.

editor@romania-insider.com