CEC (The Romanian Savings Bank) is organising an auction to sell its office building in the centre of Sibiu, an 11-storey building appraised by real estate agents to at least 10 million euros. The bank had attempted to sell the building on March 29, but the auction set for that date was delayed till May 3 due to a lack of bids. The building that the CEC wants to sell has a total floor area of 15,000 square metres. "The reason behind this office building put up for sale is that following the modernisation and the introduction of computers, the space is now oversized for the bank's day-to-day activities," stated Georgia Radu, PR expert at the CEC. She says the bank will only derive a profit if the building is sold at the price set for the auction given the value of the investments already made in the building. However, CEC representatives did not wish to reveal the value of the investment or the minimum price set for the sale. "The cost of the building was significantly lower than the price set for the auction, which is in line with prices operated on the market," specified Georgia Radu. Real estate agents evaluated the building at 10 million euros to several tens of millions of euros.
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