The real estate developer with Israeli capital Hagag Development Europe, controlled by businessman Yitzhak Hagag, has decided to cancel the agreement signed with the Canadian group SNC-Lavalin, which was aimed at acquiring an office complex in the center of Bucharest and transforming it into a hotel, at a price of 8.25 million.
\nEUR.
\nIn June 2022, Hagag Development Europe signed an agreement to acquire the property.
\nThe Israeli investor committed to pay a down payment of \u20ac500k plus VAT and the remaining \u20ac7.75 mil.
\nEUR 7.75 million plus VAT was to be paid upon completion of the purchase.
\nThe money was to be used, in part, to repay an existing loan on the property, which was necessary to remove the existing encumbrance in favor of the bank.
\nThe two parties have set December 15, 2023 as the completion date for the transaction, by which time Hagag Development Europe has paid the investor a total of \u20ac1.2 mil.
\nEUR.
\nHowever, the latter decided to cancel the agreement on the grounds that the seller had failed to extend the construction permit and that, despite having offered the possibility to postpone the completion date by a further 4 months, the seller had refused.
\nThe seller had already obtained a building permit in 2019, the validity of which was extended until October 2022, for consolidation works, basement extension and underground parking, thermal rehabilitation and modernization, as well as for changing the function of the building on Calea Grivi\u021bei 6-10 from offices to hotel.
\nIn 2020, the owner has also obtained an authorization for the partial dismantling of some buildings.
\nThe buildings on Calea Grivi\u021bei have a net lettable area of 5,800 square meters, and at the time of signing the agreement there were approximately 35 tenants in the property, representing an occupancy rate of approximately 70% of the area. <\/p>\n","protected":false},"excerpt":{"rendered":"
The real estate developer with Israeli capital Hagag Development Europe, controlled by businessman Yitzhak Hagag, has decided to cancel the agreement signed with the Canadian group SNC-Lavalin, which was aimed at acquiring an office complex in the center of Bucharest and transforming it into a hotel, at a price of 8.25 million. EUR. In June…<\/p>\n","protected":false},"author":8,"featured_media":107675,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2859],"tags":[3029,3033],"thb-sponsors":[],"class_list":["post-107671","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stirea-editiei-en","tag-hagag-en","tag-hagag-development-europe-en"],"article_style_override":"","post-style":"","post_via":"","post-top-image":"","_links":{"self":[{"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/posts\/107671","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/comments?post=107671"}],"version-history":[{"count":0,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/posts\/107671\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/media\/107675"}],"wp:attachment":[{"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/media?parent=107671"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/categories?post=107671"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/tags?post=107671"},{"taxonomy":"thb-sponsors","embeddable":true,"href":"https:\/\/rhn.ro\/en\/wp-json\/wp\/v2\/thb-sponsors?post=107671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}