Alpha Bank takes over the Asmita Gardens for debt worth 40 million Euro
Alpha Bank took over the insolvent Asmita Gardens project, for which it has secured 80 million Euro worth financing. The complex has been developed by Indian group Asmita and the British investment fund Convergence Development Limited. The total investment is estimated at 120 million Euro. 2014-12-03 13:44:23
The estimated debt owed by developers to the bank is 40 million Euro. According to Mediafax news quoting Remus Borza, manager of judicial administrator Euro Insol, Alpha Bank took over the complex through AGI-RRE Participations 1 Limited vehicle from Convergence Development Limited and Saiyad Muzaffar Hussain, an Indian politician, owner of Asmita company. Accoding to Borza, the deal will lock out the complex from insolvency in January- February 2015.
"At that time, Asmita will exit insolvency and it will be able to sell the 250-260 apartments, no pressure attached," Borza said. The complex has seven tour-like blocks of up to 25 levels.
Alpha Bank also took over so far Doamna Ghica complex, Blue Tower, both located in Colentina area and the logistic park MLP Bucharest, located in Popesti-Leordeni.
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