The compound’s liquidator, BDO Business Restructuring, has organized several auctions so far and the starting price was EUR9.2 million.
Cortina Residence was developed by Cefin Real Estate Alpha, a company owned by Italian group Cefin and US investment fund Heitman. The company’s creditors are banks Investkredit and Volksbank, as well as Romprest Service and Greek construction company Edrasis Psallidas.
The real estate compound had debts of almost EUR26 million when it entered insolvency in 2010.
Several real estate developments in Bucharest have entered insolvency or have been declared bankrupt over the past years, such as Asmita Gardens, Blue Tower, Ibiza Sol or Laguna Residence.