Austria's Immoeast, the real estate investor with the biggestexposure to the Romanian market, with around 1bn euros in itsportfolio, paid almost 5m euros to remain the sole shareholder inKylos Media firm, developing West Gate mall of Craiova, aninvestment put at 100m euros. "Immoeast paid almost 5m euros forthe 10% stake held by Trio Holding company in the Craiova project,with Trio to be the project's project manager," real estate marketsources told ZF. According to the initial agreement, Immoeastshould have bought the entire Craiova project upon completion. Inthe past year, though, the Austrians have decided to become soleshareholder in several partnerships. Immoeast and Trio starteddeveloping the Craiova project as early as 2007 and the mall wasdue to be completed last year. The crisis and the financialdifficulties the Austrians coped with made them halt investments inthe project, though, in a stage where the structure of the buildinghad been 95% raised. "Our target is to resume the development offrozen projects such as Euromall Galati and West Gate Craiova. Thiswill happen as soon as we reach a comfortable pre-rental level,"Vlad Dumitrescu, development manager of Immoeast, has recently toldZF.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
