Romanian lender BCR sells over 1,000 apartments and 870 houses to cover for bad loans

Romanian lender BCR is trying to recover money lent to clients who no longer can pay their instalments by selling a total of 1,150 apartments across the country, according to local business daily Zf.ro. The prices in Bucharest range from tens of thousands of RON to over one million RON. However, besides apartments, BCR also seeks buyers for some 870 houses. In this category, the average price is RON 500,000 (or some EUR 111,000), depending on the surface of the related land. For example, a house with a usable area of 63 sqm in Bucharest’s Sector 3 costs RON 504,000 (around EUR 112,000), reports Zf.ro. In addition to the houses, the Romanian lender also sells hotels, unfinished real estate projects, industrial properties, and even gas stations. BCR Group posted a net profit of EUR 127 million in the first nine months of 2013, bouncing back after a loss of EUR 172 million in the first three quarters of 2012. Irina Popescu, irina.popescu@romania-insider.com