Arad and Cluj development sites in Romania being sold for „nominal sums.”

British commercial property investor Carpathian Plc said on Tuesday it agreed to sell some of its units that own the development sites of Arad and Cluj in Romania for „nominal sums.” Arad and Cluj, which have significant debt obligations attached, are in breach of certain banking covenants and the company is not prepared to commit any further central funds to these projects, Carpathian said.

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