Erste expects €20.8 million in profit for Turbomecanica

The piece of land that Turbomecanica owns on Iuliu Maniu blvd, in western Bucharest, is worth some €390 mln, according to estimates of Austrian Erste group, ten times higher compared to the company’s market capitalization. Turbomecanica plans to sell the land and buildings to move to Bucharest West logistic park, where it bought a 50,800 square meters land at the end of 2007. According to Erste Bank estimations, Turbomecanica paid some €2.54 million for that land.