Re-development of period Bucharest villa
In 2006, Centerra acquired a period villa on Str. Pictor Arthur Verona, just off Bld. Magheru, Bucharest’s main avenue. The beautiful, large property from late 19th century was partitioned, with various feuding owners and claimants, fighting for title in protruded legal battles. By negotiating with the various parties independently and offering them a price to extricate themselves from the feud and relinquish their claims, Centerra solved complex legal, developmental and operational issues. It eventually created a clean-title, developable property of significant retail value in the heart of the capital. This took months of negotiations and legal work, while thoroughly diligencing the development potential of the property in such a prime location. Centerra employed architects, developers, city planners and lawyers to assess the various development options. These included a modern development, anchored by the period villa and combining the historical and aesthetic capital of the property with the practicality of modern architecture for an enhanced retail space.
This strategy paid off when, in 2008, Centerra secured a sale of the property to Cărturești, the leading Romanian bookstore chain that made this villa its flagship location attached to a neighbouring property. Centerra realised a significant gain for the investors in Zoilos and established its reputation as a canny developer, able to tackle complex legal, operational and development issues in a clean, transparent and upfront manner. This early transaction created the basis and credibility to tackle larger investments, such as later acquiring the Tractorul site.