British investment fund offers 70 million Euro for Cathedral Plaza

A British investment fund, a client of Willbrook Management International, is interested in acquiring the controversial Cathedral Plaza project for 70 million Euro, following a “very tempting financial offer” according to Daiana Voicu, managing director of Willbrook Management International, the British company in charge of the development and management of Cathedral Plaza

June 2011 - From the Print Edition

“A pre-sales agreement has been reached and the sale contract will be signed when the developer meets certain performance standards, such as a minimum occupancy rate and the completion of interior arrangements. The trading has to be finished by the end of the year, by when we have to meet the performance criteria established in the pre-contract. The British fund is a client of Willbrook International and has other investments in Romania,” said Voicu.
Since 2006 Cathedral Plaza, located near Saint Joseph’s Cathedral in Bucharest, has been the subject of litigation between Willbrook and the local Romanian-Catholic archbishopric, the latter claiming the construction is illegal as it endangers the structure of the cathedral. The project is a 19-storey skyscraper, with four underground levels, and a height of 75 meters. It is being constructed about eight metres from the Cathedral of St. Joseph in Bucharest. Cathedral Plaza is owned by Millennium Building Development, a local holding company for US and Israeli investors, through Miller Global Properties of Denver.