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Nicolae Ghibu, Certsign
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EUR 120 million Asmita Gardens project goes bust

December 2011 - From the Print Edition

The developers of the seven 24-storey towers of the Asmita Gardens project in southern Bucharest have filed recently for insolvency, leaving Alpha Bank, the projectís main creditor, with exposure of EUR 70 million from an overall investment of EUR 120 million. So far, of a total of 800 apartments in Asmita Gardens, the Indian developer Asmita and the UK fund ECDC managed by Charlemagne Capital have sold only 365. In March this year, all sales were halted.

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