No Bids for Purchase of Genex Tower

The public bidding for the Genex Tower in Belgrade has been pronounced unsuccessful, because there were no interested buyers, announced the Bankruptcy Supervision Agency.

The Genex Tower, the office part of the so-called “Western Gate of Belgrade”, was offered at an initial price of RSD 2.09 billion, and a potential buyer had to pay a deposit of RSD 834.68 million or submit a guarantee. No deposit was paid and no banking guarantee was submitted for the public bidding.

The tower has 38 floors with nearly 15,000 m2 of office space, plus garages. A total of 28 office spaces, with an area of close to 15,000 m2, including the stretch from the 27th to the 37th floor, but also a garage of around 9,000 m2, were put up for sale.

Six floors have so far been leased, and the remaining space is empty due to the lack of the cost-effectiveness of turning on heating and water for only a part of the building, because it was built in units consisting of six floors each.

Formerly one of the biggest external trade companies, Generalexport, the owner of the tower, has been in bankruptcy since 2015, as has been its daughter-company ICG.