Swan Property, the real estate firm that owns the Swan Office building in Bucharest’s Pipera area, has entered insolvency. The building reportedly has an occupancy rate of just 35 percent. Casa de Insolvenţă Transilvania (CITR) was named as the receiver.
Referring to the another real estate firm Alia Inmobiliaria’s success following insolvency, Andreea Anghelof of CITR said“Insolvency for Swan Property is an opportunity that will allow rapid reorganization of operations to stabilize the company.”
Swan Office & Technology Park was opened by Swan Property with investment from Chayton Capital LLP London in 2011. The development has nearly 30,000 sqm gross leasable area and tenants include eMag and Flanco. There are more potential tenants currently interested in taking office space in the complex, according to the receivers CITR.