TriGenius cancels 100mn euro centre project

German real estate developer TriGenius has recently decided to cancel a 100 mln euro ($132.79 mln) office centre project in Romania's capital Bucharest, as it failed to reach an agreement with the Bucharest Municipality, the company said on January 3, 2007.

The company planned to build Bucharest Business Towers, a 90,000 sq m office centre, in the central area of Alba Iulia square. The Bucharest Business Towers were projected to have five underground and 28 above the ground storeys and house class A offices, conference halls, a shopping centre and a five-star hotel.

According to TriGenius' owner, German investor Maximilian Brueckner, the company and the local authorities in Bucharest failed to reach an agreement over the location of the project.

The German company claims it proposed to build the office centre in a different location in Bucharest if Alba Iulia square does not meet with the municipality's agreement but has received no answer from the City. TriGenius also offers real estate consultancy services. The company's client portfolio includes Allianz, Commerzbank and Lufthansa.

Source: reporter.gr