Dec. 5 (Bloomberg) -- Bauhaus AG, the owner of do-it-yourself chain of stores, has canceled its plans to open outlets in Serbia as its local partner has not obtained construction permits.
“Because Delta was not able to deliver the converted plot in a reasonable time, the primary precondition of the contract has not been fulfilled and the contract was terminated” as of the end of last week, Helmut Diewald, the international expansion manager for Bauhaus, said in an updated version of an e-mailed statement sent earlier today.
Delta Real Estate, part of Serbia’s Delta Holding, said there were delays in converting the land use by October, holding up building permissions, according to a statement e-mailed today by the Belgrade-based company owned by Serbian billionaire Miroslav Miskovic.
Miskovic was questioned this week by the police and the Prosecutor’s Office for Organized Crime about his land-buying business, which includes the site for the first Bauhaus store.
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