Georgescu held land with a cumulated area of up to 10,000 square meters through the company he founded in 2006. The plots were supposed to accommodate smaller housing projects, valued at the time of the transaction at EUR7 million to EUR8 million, sources from the real estate market told ZF.
The buyer is a company controlled by Israeli businessmen Moshe Turgeman and Tomer Barhom, who developed the Euromall shopping center in Pitesti. They also took on loans contracted by Georgescu from BRD between 2006 and 2007 through Metropolitan Developments, so the actual value of the transaction is around EUR2 or EUR3 million.
Euromall representatives could not be contacted by edition close, and Radu Georgescu did not comment on the information.
The entrepreneur’s name is linked to the Gecad group, to the RAV antivirus (sold to Microsoft) and to ePayment provider of e-commerce solutions (sold to Naspers). He has been controlling his local businesses through Cypriot-held Concentric Limited since 2009, which was also behind Metropolitan Developments.
Euromall shareholders were assisted in this transaction by the lawyers of Savu-Cristescu & Asociatii law firm, which also advised them last year when they sold 75% in the Euromall Galati project, in an around EUR10 million deal.