RA-APPS sold the most expensive asset to date, a 5 million euro villa on Kiseleff

Tuesday, Jun 19, 2012 | Post by TudorEstates

The \"Administration of State Patrimony\" (RA-APPS) sold, following an auction, a villa with an area of ​​approximately 2,700 square meters, with just over five million euros, including VAT, this is the most expensive asset sold to date.

A villa with an area of ​​approximately 2700 square meters, where has its head office a real estate investment company Steda Residence, owned by Gheorghe Stelian, was sold by RA-APPS with just over five million euros, including VAT, this is the most expensive asset sold to date. The one floor building, located downtown on the road Kiselev, has a built surface of 515 square meters. In the budget for this year, the Government aims to collect 706 million lei from the selling of RA-APPS buildings, revenue from asset sale of private property owned by the state will thus increase from 1.8 million lei, estimated last year . Property consultants said recently that establishing a stock exchange- listed on stock market for asset management of RA-APPS or transfer of services to private companies are alternatives to selling individual properties, which would ensure greater transparency and a better return for the state. They have shown that RA-APPS sale of assets in current market conditions is not the best solution. Establishment of investment fund should be preceded by a cleaning portfolio in order to keep only the performing assets to attract investors.

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