The Raiffeisen group bought a 124-hectare plot for 11 millioneuros in Crevedia commune, close to Bucharest, as a result of theliquidation of EFG Crevedia Development, which Raiffeisen hadfinanced almost three years ago by acquiring the plot in view ofdeveloping a mega real estate project.
The price paid for the plot is 9 euros/square metre, 75% less thanan appraisal made in 2008.
Raiffeisen had granted a 14.6 million-euro loan to EFG CrevediaDevelopment in 2007, a company managed by British investors, whichintended to raise cash to build over 6,000 homes, an almost twobillion-euro mini city. The company later went bankrupt, and itsmain asset, the plot, was put up for auction.
The plot was purchased through Plusfinance, a member of theRaiffeisen International Group, according toPricewaterhouseCoopers, liquidator of EFG. The name of theRaiffeisen subsidiary has recently been changed to PlusfinanceEstate 1, with the shareholders of the company being RIRE Holdingand RI Eastern European Finance (RIEF), registered in theNetherlands. The Austrian group had transferred a further 646million euros in loans to RIEF until the end of 2008. Raiffeisendid not comment on the information by the time this issue was readyfor print.
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