English
After about four years of negotiations, during which time it turned down several offers, the management of "Timpuri Noi" has decided to sell the plot of land of 5 hectares located 20 minutes away from the Unirii Square in Bucharest, for 34.5 million Euros, to the investment fund "Interprime Properties" SRL, controlled by Swedish company Ikea.
Alexandru Breazu, the chairman and managing director of "Timpuri Noi" said, in an interview for BURSA, given in May this year, that he had received offers from "Penny" and "Kaufland", among others, of around 450 Euros/square meter, but he turned them down because he was undecided on whether to sell the entire plot of land or to sell it by dividing it into smaller lots. According to Mr. Breazu, the plot of land of the former industrial platform of "Timpuri Noi" has seen the approval of a Regional City Planning allowing the construction of a 26-storey building.
The board of Directors of the Company was under pressure to sell the plot of land as 1,500 shareholders, which included the former general manager, challenged in court the division of the company which was intended to separate the production and real estate operations of the company. However, due to the sale of the plot of land, the splitting of the company is no longer needed, and there is no point in going through with the lawsuit, said Alexandru Breazu.
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