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April 21, 2021

Euro Insol takes over biggest real-estate project in Romania

Ilfov Court appointed Euro Insol, on April 14, trustee in bankruptcy of the Green City residential centre. Green City is a residential centre built on a 120-hectare plot of land located in 1 Decembrie locality, Ilfov County. The plot of land belonged to the Royal Family. Green City consists of 650 villas, and was developed by Dumitru Bucsaru through several companies that are all insolvent or bankrupt. Three of them – Valahorum, Clean Optim Serv and Green City – are in Euro Insol’s portfolio.

“It is a new challenge for Euro Insol, which is managing two thirds of the large real-estate projects in Bucharest. While Asmita Gardens is the biggest residential centre in terms of height, Green City is by far the largest one in terms of surface area. We know the project very well, since Euro Insol has previously sold several dozen homes as part of the project developed by two of Bucsaru’s companies. It’s a very popular and sellable centre, enjoying a series of amenities within the centre: restaurants, kindergarten, Mega Image supermarket, playgrounds or parks,” lawyer Remus Borza (photo), Euro Insol Managing Partner, stated.

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