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TriGránit suspends €1 bln development in Bucharest

TriGránit Development Romania, a unit of Hungarian property group TriGránit, said it has suspended all business activities for three years as of April 1 after a major development in the Romanian capital suffered a prolonged delay.

TriGránit Development Romania mounted a €1 billion real estate project named Esplanada City Center in Bucharest in 2006. Construction was to due begin on a 10-hectare site in 2007, but more than half of the former owners of the land, which was state-owned at that time, claimed it back in court.

The project has been on hold ever since.