Romanian lender BCR announced that it completed the sale of the historic Oscar Maugsch Palace in Bucharest’s Universitatii Square to an investment vehicle registered in Luxembourg, Project Regina Elisabeta Bucharest.
Located on Regina Elisabeta Boulevard, the Oscar Maugsch Palace is adjacent to one of the most famous squares in Bucharest, also known as Romania’s kilometre zero, an area with a remarkable potential for urban redevelopment.
The building will most likely be transformed into a luxury hotel. The building was developed at the beginning of the 20th century and has a total area of almost 17,000 sqm.
It served as BCR’s headquarters before the bank moved its central offices in a newer office building on Calea Victoriei, next to the CEC Palace.
According to unofficial sources quoted by Economica.net, the value of the transaction is EUR 30-35 million.
Luxembourg based Vivion Investment Fund, controlled by brothers Isaac and Amir Dayan of Israel, are the final beneficiaries of the deal, Ziarul Financiar reported quoting other unofficial sources that put the value of the deal at EUR 25-30 mln.
More via Romania Insider
Saudi authorities said on Monday they were extending the suspension of operations at the international airport in the capital, Riyadh, after deadly weekend attacks by Yemen's Iran-align...
Leaders of four major political groups in the European Parliament on Monday rejected the Irish Presidency’s revised proposal for the EU’s 2028-2034 budget, saying it cannot serve as a ba...
Morning Briefin
PM promises positive surprises in expansionary Budget
Prime Minister Robert Abela has promised that the October 26 Budget will “surprise in the positive”, despite t...
Updated 1100
Borg Calls for National Agreement on Malta’s Economic Future: Opposition Leader Alex Borg has called for long-term planning and greater investment in infrastructure, ener...
The European Commission has unveiled an ambitious package of tax reforms aimed at simplifying tax rules across the European Union, reducing compliance burdens for businesses and strength...
The European Union's new Migration and Asylum Pact enters into force on 12 June, ushering in the most significant reform of the bloc's migration framework in years and placing renewed em...
What began last year as a blood donation initiative involving six companies is expanding into a broader corporate effort, with three additional companies joining this...
Artificial intelligence is rapidly moving up the boardroom agenda, raising an important question for non-executive directors: are boards equipped to oversee the transformation AI is brin...
What began last year as a blood donation initiative involving six companies is expanding into a broader corporate effort, with three additional companies joining this...
Artificial intelligence is rapidly moving up the boardroom agenda, raising an important question for non-executive directors: are boards equipped to oversee the transformation AI is brin...
Malta Employers presented its Pre-Budget Document 2027 to Prime Minister Robert Abela at Castille, calling on Government to deliver a transformational Budget that moves the country away ...
Malta Public Transport will be operating special and additional services for Birgufest on Saturday, 10 October 2026, including night trips to facilitate access to this cultural and histo...
Fears of renewed escalation gripped the Middle East on Wednesday after the United States and Iran exchanged their biggest barrage since July, with Washington striking Iran's southern co...
President Donald Trump announced late Saturday that he had called off planned U.S. strikes on Iran, saying renewed negotiations had raised hopes of easing the conflict and reopening ship...
At least 32 people have been killed and more than 700 injured after two powerful earthquakes — measuring 7.2 and 7.5 — struck central Venezuela seconds apart, causing widespread destruct...
Thousands of Cuban security personnel have begun leaving Caracas after nearly two decades in Venezuela, as Washington ramps up efforts to dismantle the long standing alliance between the...
The United Kingdom, Germany and Poland have reaffirmed their support for Ukrainian President Volodymyr Zelenskyy after U.S. President Donald Trump said the country needed a new leader.
...
Ukrainian President Volodymyr Zelenskiy accused the US of being unwilling to help Ukraine after a Russian bomb attack on Thursday killed at least 35 people in the east, sending the two-...
