Swan Office & Technology Park office building has been put up for sale by its official receiver for a starting price of 42,7 million euro, according to Mediafax. The office complex located in Pipera-Tunari was developed by Swan Property which is controlled by investment fund Chayton Capital, insolvent since January 2013. The auction was scheduled for January 31, 2014, the receivers including in the offer, besides the three office buildings and the 22.866 m2 area, another plot of 5000 m2.
The insolvency procedure was started based upon the Swan’s owners request, since its main lenders, Volksbank and UniCredit Bank Austria previously requested the starting of the insolvency procedure in November 2012.
The investors developing the Swan project took a loan worth about 93 million euro in 2008 from the two banks in question, yet, the initial investment in the office complex project amounted to over 50 million euro.