City Hall purchases Sibiu’s Culture Factory in EUR 5.29 mln deal

Romania’s insolvency market leader CITR announced that Sibiu City Hall acquired the city’s Fabrica de Cultură (Culture Factory) from Construcții SA, currently in reorganization, for EUR 5.29 million. The asset includes a 34,000 sqm plot within the built-up area and constructions with a total area of 6,776 sqm.

The space has been hosting famous theatre plays, including Faust, a landmark performance for the Radu Stanca National Theatre of Sibiu.

“We are glad that we could maintain this objective in the cultural circuit, with support from the representatives of Construcții SA, and we are sure that its new owner – the Sibiu City Hall, together with the Radu Stanca National Theatre, will take the already established project of Fabrica de Cultură to the next level,” said Călin Părău, Head of Commercial, CITR.

The Culture Factory is an area within the Manufacturing Base of Construcții SA, created from the optimization of spaces allocated to the workshops of large precast items, concrete preparation, small precast items, manufactured items, structural steel, car and equipment repairs, and from the rehabilitation of buildings. The relocation of these workshops to other areas of the Base left way to the spaces and lands where the Culture Factory appeared.

“An asset that is no longer essential for an insolvent company to carry on its activities continues to be vital for the cultural landscape of Sibiu. From now on, the space will acquire a new utility and provide long-term cultural continuity. At the same time, it generates a significant amount to cover the debts registered by the company at the time of its insolvency. The sale worth EUR 5.29 million plus VAT was made at 100% of the asset’s market value, as established by the valuator designated within the procedure,” stated Raluca Ciortea, Project Manager within CITR.

The Culture Factory is located on the outskirts of Sibiu, in the area also known as the East Industrial Area.

(Photo source: CITR)