Canadian investor plans large mixed use project in northeast Bucharest
Canadian investor Michael Topolinski (54) has re-acquired the 5.2-hectare land of the former Dacia Textile factory in Bucharest evaluated at some EUR 18 million, more than a decade after he acquired the factory, Profit.ro reported.
Romania Insider · Journalist
· Updated · 1 min read
Canadian investor Michael Topolinski (54) has re-acquired the 5.2-hectare land of the former Dacia Textile factory in Bucharest evaluated at some EUR 18 million, more than a decade after he acquired the factory, Profit.ro reported.
He is already preparing the documents for the construction of a mixed real estate project with housing, offices and commercial premises.
In April 2019, a company owned by Topolinski took over from the debt recovery firm Balbec Capital claims in amount of nearly RON 160 million (about EUR 33.6 mln) held against Vic City, the company by which the Canadian investor bought the land in the first place, but which was declared bankrupt in July 2016.
As the major creditor (of his own company Vic City), Topolinski's new company recovered the property evaluated at EUR 18 mln under an auction, and its EUR 33.6 mln claim decreased by almost EUR 18 mln, according to the documents of the judicial liquidator CITR Bucharest Branch.
Michael Topolinski initially bought the former Dacia Textile factory for EUR 40 mln and planned to build a shopping mall with money borrowed from Alpha Bank. He teamed up with two partners, but the start of the construction dragged until the bankruptcy started, with Alpha Bank as the main creditor. In February 2019, Alpha Bank sold its debt to Balbec Capital.
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