Romanian state-owned aerospace company Romaero decided to sell roughly half of the 34ha of land it owns, mainly in the northern part of Bucharest, Economica.net reported.

CIT Restructurare, which deals with the restructuring of the state company's debts, shows that Romaero can obtain at least EUR 32 mln from the sale of land it no longer uses.

To be sold at a maximum value, the plots of land were grouped in 16 packages.

The money obtained from the sale of non-core assets will be used to pay historical loans taken from BCR and Banca Transilvania, but also for investments in relocating the business on part of the platform.

Romaero has signed last October a Memorandum of Understanding (MoU) with the US group Raytheon in view of cooperating for the producing the Patriot missiles systems to be delivered to Romania. In September, Aerostar also started working with US aircraft manufacturer Sikorsky - a subsidiary of Lockheed Martin - to build a fitting-out and maintenance center for Black Hawk multirole utility helicopters.

(Photo: Roman Motizov | Dreamstime.com)

andrei@romania-insider.com