"Genex" announced tender for sale of real estates in Croatia

"Genex" has recently announced tender for sale of eight real estates in Croatia, so that villa "Rašica" in Dubrovnik, business building in Zagreb (1,300 square meters), complex "Škaraba" in Rovinj with about 17 ha of land with buildings will obtain new owner, as well as several office spaces in Split (120 square meters), Osijek (100 square meters) and in Rijeka (about 1,000 square meters, together with the storage space).

Croatia has already sold this property, which was nationalized in 1990, but, according to the Law on succession, all changes in ownership of property of physical and juristic persons from former Yugoslavia are not valid. Today, complex "Škaraba" is used by Tobacco Factory Rovinj and it is estimated to over €50m, judging by the price of square meter that is approximately 300 EUR. Total value of all "Genex’s" real estates, according to rough estimate, amounts to about €100m. Agency MIG from Sarajevo is interested in procurement of all real estates and it offers less than one fifth of the estimated price – about €17.5m.