Austria's Immoeast investment fund, the most powerful investoron the Romanian real estate market, has entirely taken over theproject of Polus Center mall of Constanta for 1 euro, also assumingthe around 40m-euro debts of the firm that handled the project.Polus Center Constanta was developed by Hungary's TriGranit companythrough Tripont Invest company, and the two companies had reachedan agreement as early as March 2007 for the sale of the mall for185m euros on completion. The deal was due to be carried outgradually, with the progression of construction works, but thecurrent crisis has completely upset investors' positions andadjusted prices. "The deal has been signed recently and the paidprice was a symbolic one, of 1 euro, with Immoeast set to take overthe around 40m-euro debts of the developer," real estate marketsources told ZF. The biggest share of Tripont's debts isrepresented by a 38m-euro loan taken out from OTP Bank Hungary forconstruction works. Immoeast already held a 15% stake in theConstanta project, which will have as a main anchor an Auchanhypermarket.
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