Insolvent real estate project in Romania posts EUR 76 mln debts

The real estate project Pipera City, currently under insolvency, has amassed EUR 76 million debts, EUR 27 million of which to the local bank Bancpost, reports local Wall-street.ro. Romanian businessman Marius Ivan and an Irish partner, Jonathan Youens, should have developed the Pipera City real estate project in northern Bucharest, but the project became insolvent in 2012. The two started the project back in 2006, when they bought a 12-hectares plot for EUR 40 million from notorious businessman George Becali. The two investors wanted to develop 200,000 sqm of office spaces, 30,000 sqm of retail areas and about 800 homes, with a EUR 700 million investment. The project never started. End-September 2012, the Bucharest Court approved the company's insolvency request. editor@romania-insider.com