Silver Mountain is the largest residential project developed by firm INR Managament, which entered insolvency early this year for debts of about RON380 million (about EUR85 million) to lender BCR.
The project was initially put up for sale on May 9 at a price of EUR53.4 million, but Euro Insol announced a new auction, at a 15% lower price.
“The transaction represents a fresh start for Silver Mountain. BCR has the power, determination and interest to offer a new dimension to the project, to develop it at its real potential (…),” Remus Borza, head of Euro Insol, stated.
Silver Mountain, which currently comprises 171 unsold apartments, commercial spaces, restaurant, club, spa&fitness and a 20-hectare plot of land, was evaluated at approximately EUR50 million, according to Jones Lang LaSalle consultants.
Early this year, the judicial administrator said the project’s price will not decrease below the evaluation.
Euro Insol also put up for sale two plots of land, one in Bucharest, of 1,825 square meters, which was bought by Athenaeum Construct for EUR274,000 and one in Snagov town, of nearly 6 hectares, which was also sold to BCR for EUR2.28 million.