Ultex owner expects €35 million from the sale of land in Bucharest

“The piece of land is located along Tudor Vladimirescu Boulevard and its urban plan allows for a 15-floor building,” said Nitescu for Business Standard.
He added that he bought the piece of land last year intending to develop his own real estate project, but has since given up the idea.

Nitescu announced at the end of 2007 that he will sell the assets of Ultex Tandarei for €23 million, in an ongoing process.

The businessman is involved in tourism, trade, agriculture and the chemical industry. He collaborated with real estate company, Locic Imobiliare, on an office building project near Bucharest’s main train station, Gara de Nord, but withdrew before the project was finalized.