The building, a French-style villa converted into an office building, has a total area of 823 square meters.
The sale of the building, located between Piata Victoriei and Piata Romana, is part of the company’s asset restructuring plan.
In line with the company’s stated restructuring plan, 75% of the net cash proceeds from the transaction will be distributed to the company’s bondholders by the end of September 2015 as an early principal repayment, the developer said.
Plaza Centers, which entered judicial reorganization in 2014, holds 75% of the Casa Radio project, based on a partnership signed in 2006 with the Ministry of Regional Development. The project is expected to have a net built area of 550,000 sqm which will comprise a shopping center with a lettable area of 76,000 sqm, office spaces, a hotel, an apart-hotel and a conference center.
The developer sold a plot of 46,000 sqm plot of land in Iasi this summer to retailers Dedeman and Lidl. The land was assessed at EUR7.28 million.