Alpha Bank financed the project in 2007 with EUR 14 million, but in 2009 the works stopped, as the developer Copper Beech Capital entered insolvency. One year later the company went bankrupt and after 14 failed bids the bank decided to buy Blue Tower h the company AGI-RRE Poseidon, which took over this year several distressed assets.

Blue Tower has 25,000 sq. m built area, which means the acquisition price was approx. EUR 450 / sq. m plus VAT. According to latest information the company needs to invest another EUR 5 million in order to complete the works.

During the last years, the bank faced the difficult situation of several financed real estate projects:  the towers Asmita Gardens entered insolvency, the Liberty Center mall in Rahova was bought, together with the partners in the loan consortium, following the project’s foreclosure, while the buildings in Doamna Ghica Plaza were bought by Alpha amicably, without using the insolvency. (source: zf.ro)