Sale of Genex Tower Advertised for Third Time – Price Now at Less Than RSD 1 Billion

The Bankruptcy Supervision Agency has advertised the sale of the Genex Tower for the third time, and the initial price at this new public bidding will amount to RSD 834,682,073. They first offered it for RSD 2 billion, then for RSD 1.46 billion.

The offer consists of 28 office spaces with a total area of 14,943 m2, as well as the spaces located between the 27th and 37th floors, whose total area is 1,450.39 m2. A sales lot also consists of a garage with a total area of 9,023 m2, as well as 10 garage spaces of 6,445 m2.

The public bidding will be held on February 6, at noon, at 23 Terazije Street.

The building at 43 Narodnih Heroja Street is owned by the company for international and internal trade, hotel management, hospitality and air transport Generalexport, which is in bankruptcy. The first public bidding was held on May 23 and pronounced unsuccessful, because there were no interested buyers, as announced by the Bankruptcy Supervision Agency. The initial price at the first bidding was slightly over RSD 2 billion. The Genex Tower, or the business half of the “Belgrade West Gate” was put up for sale for the second time on July 25, and at that bidding, the price was RSD 1.46 billion.

Back in March 2017, the Commercial Court in Belgrade pronounced bankruptcy in Generalexport, and the company has been in bankruptcy proceedings since 2015. Its daughter company ICG has been in bankruptcy for years as well.