Immofinanz: Ownership Problems in Romania

Politics ♦ Published: April 17, 2014; 11:56 ♦ (Vindobona)

According to a court decision Immofinanz has took over not legitimately acquired property in Transsylvania.

A shopping center in Transylvania has caught the attention of the Romanian Surpreme Court. / Picture: ©

During the booming years in the real estate sector, before the outbreak of the financial crisis, Immoeast, the Romanian affiliate of Austrian real estate company Immofinance, purchased a shopping center, which, according to a court decision, was not built on legitimately acquired property. The property and so-called “Polus Center”, at the suburbs of Cluj-Napoca in Transsylvania, was…