The fund became the owner of the building and of the land as a consequence of the impossibility of Avrig 35 to pay back its debt to NEPI, although Martin Slabbert, the CEO within NEPI, says that the value of the asset is smaller than the Avrig 35 debt. At the end of last year the value of the 4,500 sqm land and the villa was EUR 12.96 million.

Around the building, built in 1927 and former residence of the National Bank governor between 1921-1926, Mihai Oromolu, NEPI will develop an office building on three levels, with an approx. rentable area of 7,000 sqm. The parking places will be included on three underground levels, and between the buildings there will be a public space with pedestrian areas, an artesian well and Mihai Oromolu’s bust.

The building will be restored, and the entire ensemble will transform into a public and business centre.  

"Why are we in this project? It is not a property we wanted and it is not the type of project we usually develop. We became the owners of the building on behalf of a debt of Avrig 35. We had to decide what to do with it, because it needed restoration. We are not going to make money from thus project. We wish that in the end, the value of the project to equal the investment and to show that it is not a real estate speculation ", has declared Martin Slabbert, the CEO within NEPI.

The construction of the future office building will start as soon as the construction permits will be obtained, and the duration of works is approx. one year. The rehabilitation works of the patrimony building are to be done at the same time with the new office spaces development. (source: economica.net)