Croatia Puts Devastated Tourist Complex Up For Sale

The State Property Management Office (DUUDI) and the Ministry of Tourism of the Republic of Croatia have published on their websites the Invitation for Expressions of Interest for the establishment of the right to build and the right of usufruct for the property on the location “Kupari I”…

The Kupari hotel complex was severely damaged during the 1990’s Homeland War and is located in the Dubrovnik area. The publication of the Invitation hereof is non-binding. Upon completion of the procedure of renewal of the land register, which is currently in progress, the State Property Management Office shall conduct the invitation to tender for the submission of binding tenders. The selection of the best tender is expected in the first half of 2014.

The subject of the Invitation hereof is the conclusion of the contract establishing the right to build for the period of 99 years on the cadastral parcels on which the construction is intended pursuant to the valid physical plans. Furthermore, the subject of the Invitation hereof is also the conclusion of the contract establishing the right of usufruct for the period of 99 years on the cadastral parcels on which the construction is not intended pursuant to the valid physical plans. In regard to property which is located on the maritime demesne, investors shall request the concession in accordance with special regulations.

Letters containing the expression of interest may be submitted by domestic and foreign natural and legal persons. Interested investors may request documents about the property at the location “Kupari I” via e-mail: [email protected]. The expressions of interest, in which investors present themselves, must be submitted in written form at the address of the State Property Management Office (DUUDI) (Dežmanova ulica 10, Zagreb 10000, Croatia) at the latest 30 days from the date of the publication of the Invitation hereof. The letters from investors shall contain their professional capacities relating to the implementation and management of similar projects. (mint)