The Privatisation Authority (APAPS) could soon relocate its offices to the Elvila building, which has been taken over by the Agency for Banking Assets Recovery (AVAB) from businessman Viorel Catarama, in exchange for his debts.
"We have discussed with Privatisation Authority representatives about the possibility to rent some spaces, but no decision has been made yet," Ionel Blanculescu, head of the Agency for Banking Assets Recovery, told Ziarul Financiar.
Blanculescu yesterday met with Ovidiu Musetescu, chairman of the Privatisation Authority, in order to further discuss on this topic.
The Privatisation Authority has been looking for a building where all its Bucharest-based offices should be reunited. Sources within the Privatisation Authority say that several choices have been considered and the possibility to relocate to Elvila building is oldest one. The Privatisation Authority has relocated several times so far, with the latest move having occurred in September last year.
The National Securities Commission has also displayed interest in the spaces available within the Elvila building. AVAB cannot sell the building for less than 17.5 million dollars, which is the value of Viorel Catarama's debts.
This price is impossible to get on the Bucharest real estate market for the time being. The only solution available is that AVAB should rent some spaces.
"We will release an advertisement to announce the building is for rent," Blanculescu says. The price for renting spaces within Elvila building is likely to stand at 19-20 dollars/square metre.
AVAB could attempt again to put up for sale the building next year, when the price could be lower, as part of the 17.5 million dollar-debts will have been recovered from the rent.
Elvila building is currently hosting the offices of several companies. The contracts will be valid by the moment when AVAB, which is entitled to cancel them, finds a buyer willing to purchase the building.
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