Austrian investment fund Immoeast, the most active player on the local real estate market, has acquired the commercial project Euromall in Galati, in a forward purchase transaction with deferred payment, according to sources from the real estate market. According to ZF's estimates, the transaction is valued at around 60 million euros, with the investments in project development standing at 45 million euros. Immoeast representatives could not be contacted by the time the story was ready for print, and Euromall representatives did not wish to make any comment. Immoeast began by taking over 25% of the shares of Union Investitii (Union Investment), which handles the construction of the mall in Galati, according to data from the Trade Registry. The remaining shares will be taken over gradually, as the mall is built and the renting process develops. The Galati-based Euromall has a 23,000 square-metre lettable area. Construction works started at the end of last year, with the project being set for completion in the second half of 2008. The lack of sizeable completed projects on the local market prompted Immoeast to acquire several commercial projects currently under development including the Polus Center projects in Cluj and Constanta, taken over by TriGranit through two separate transactions worth 395 million euros in
total.
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