The Slovenia Times

Bad bank selling hundreds of flats

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A long-awaited move is expected to have a major impact on the two biggest real estate markets in the country.

A total of 214 flats in Nokturno, a development with sea views overlooking Koper, have already been put on the market.

The complex was built as a luxury development but had fallen into disrepair after the investor went bust.

The bad bank is now sprucing up the buildings, which are completely unused but in need of repair.

One- to four-room flats are available starting at EUR 1,650 per m2 including VAT, BAMC said.

Potential customers already have a chance to see the properties and make non-binding offers.

The sale of the first batch of flats in Celovški dvori, a huge development in the north of Ljubljana, will start next week.

The first 56 out of the total of 227 flats owned by the bad bank will be put on the market initially, with non-binding bids solicited for 45 days.

The asking prices have not been revealed yet, with the bad bank saying they will be published shortly before it will start soliciting non-binding bids.

The sale of flats in what are the bad bank's two largest residential properties is expected to have a profound impact on the market for new homes.

Each of the two properties contains more new flats than were sold in the entire country in the first quarter of this year.

Moreover, the transactions will boost BAMC, which had been criticised for not offloading real estate fast enough.

The bad bank had assets under management worth EUR 1.4bn at the end of June, with real estate alone worth EUR 140m.

It also holds the deeds to liens on 1,600 properties worth over a billion euros.

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