Bucharest's Residential Compound 'My Dream' Sold At Auction For EUR16.7M

05.03.2011 By Andrei Circhelan

Apartment building My Dream in northern Bucharest was sold for EUR16.74 million in the first auction held by BDO Business Restructuring, the court-appointed administrator of bankrupt building developer Plus Development.

"The compound was sold at EUR16.74 million plus VAT. The buyer is a Romanian company that cannot be disclosed until the contract is signed," BDO partner Gianina Oancea told MEDIAFAX Tuesday.

The building was put on sale at a starting price of EUR15 million, plus VAT.

Plus Development went bankrupt in December 2009, since it was only able to sell 40 of the available 174 apartments.

Bank of Cyprus, the main creditor for the project, decided to auction off the building.

Plus Development has debts of some EUR17 million, including EUR14 million to Bank of Cyprus.