Sema Parc project was to be developed on the location of former Semanatoarea plant in Grozavesti zone, Bucharest. The project should have been developed on a 15-year period and included a business park, a residential area, a “shopping village”, a hotel, a school, a hospital.
The first stage of the project was completed in 2007 and included two office buildings of 50,000 square meters, bought back in 2006 by investment fund Europolis (current CA Immo) for EUR90 million.
The investment in Sema Parc project was estimated at EUR1.7 billion at that time, but the project was ceased on lack of financing.
River Invest, the developer of the entire project, is an investment vehicle controlled by several businessmen including Ion Radulea (49.69%).
In 2012, the company reported a turnover of RON1.5 million and losses, while its debts exceeded RON11 million, according to the latest data.
Radulea is a direct and indirect shareholder of Sema Parc, which manages the industrial park with the same name.