Bucharest real estate developer Practic, owned by businessman Radu Timofte, will buy a 5.6% stake
in Aviatia Utilitara, a company doing business of 5 million lei from renting helicopters, but holds
land valuable in northern Bucharest.
Practic announced at the time of transfer on AeRO market, that it has agreed to purchase a 46.76%
stake in Aviatia Utilitara, a company controlled 99% by businessman Sorin Avramescu.     Subsequently, Dimofte’s company's returned stating that the agreement only concerns the purchase
of 501 210 shares, meaning 5.6% of the capital. The package is evaluated at 1.2 million lei after
nominal value of shares were not traded since 2004, except for a transfer from the Authority
for State Assets Administration to Avramescu.   Aviaţia Utilitară has a small business, although profitable, but the stake of the transaction is
most likely the 50,000 square meters land located in northern Bucharest, near Baneasa
Airport and near the IKEA store.

The company took the decision last year to sell the land at a price of at least
313 euros / square meter plus VAT, meaning 15.6 million EUR, but the company's poor
financial results show that the transaction is still not perfected. According to sources
of ZF, earlier this year the DIY retailer Dedeman was interested in the transaction.

Source: www.zf.ro