The real estate assets of Hidroconstructia, the biggest constructions company on the domestic market, which derived turnover worth 220 million euros last year, have been valued at more than 100 million euros by Darian company.
The more than 180 properties the constructions company owns in several Romanian counties (empty plots of land or plots of land with specific constructions) total over 300 hectares, according to the evaluator information. The biggest plots of land held by Hidroconstructia are located in Sibiu, Olt, Timis, Hunedoara and Arges counties.
"These plots of land were valued at more than 100 million euros, with the survey commissioned by Hidroconstructia management for the purpose of making managerial decisions for these assets to be better used. The information gathered in assessment can be used either for the sale of some assets that are not used, the development of others or to receive financing," Adrian Crivii, general manager of Darian, told ZF.
In fact, the company last year managed to secure a syndicated loan worth 60 million euros from a consortium led by BRD-Groupe Soci?t? G?n?rale to finance and guarantee projects to be carried out in the medium term.
Last year, Hidroconstructia generated turnover worth 218.9 million euros and gross income worth 17.22 million euros, both down by 9.1 percent and 16.9 percent , respectively compared with the financial results registered in 2006.
Hidroconstructia representatives could not be contacted by the time the story was ready for print to provide details on the value of the company's real estate portfolio.
Hidroconstructia's decision to have its real estate assets valued comes as the biggest Romanian-held construction companies last year saw their turnovers stall and even fall by as much as 10 percent, which has pushed major players to seek financing in order to support their development or switch to real estate investments.
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