Citadella Titan, on sale for about 7 million euro

BRC Business Group, the project's developer is ready to sell Citadella Titan for EUR6.85 million, without VAT as per its reorganizing plan already approved, according to Euro Insol - BRC's administrator upon becoming insolvent at the beginning of 2012. An alternative stipulated by this plan is to proceed with selling each of the housing units apart, which would bring the group more than EUR10 million, excluding VAT.

Citadella Titan is the only real estate project the group developed in Bucharest, the initial investment being estimated at EUR 20 million.

BRC Business Group, which was founded in 2006 by a group of investors from United Kingdom, The Netherlands and Israel, has debts totaling almost EUR16 million and more than half of that amount is due to BCR, its main financing source.

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