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Zentiva Romania sells property for €19.6 mln

Zentiva NV, the Czech drugmaker 25%-owned by Sanofi-Aventis SA, said its Romanian unit sold land in Bucharest for €19.6 million. The property was not used for its current business, the Prague-based company said in an e-mailed statement yesterday. Zentiva SA, the Romanian unit, said in a separate statement it sold almost three hectares (7.41 acres) of land and part of the buildings on it to three Romanian real-estate developers. Realtors in Romania are stepping up purchases of large land plots from industrial companies in and around the Romanian capital for prices ranging from €100 to as much as €300 per square meter. They later divide the land into smaller parcels and build residential homes and office buildings to sell them for prices that often exceed €1,000 per square meter. (Bloomberg)