Austrian Immoeast takes over Imak CEE

16. Juni 2006, 00:00

Austrian listed real estate company Immoeast Immobilien Anlagen AG, a subsidiary of Immofinanz Group, has bought the...

Austrian listed real estate company Immoeast Immobilien Anlagen AG, a subsidiary of Immofinanz Group, has bought the outstanding shares in the joint venture Imak CEE from real estate developer Akron, it was reported today.

Imak CEEs market value is estimated at EUR 260 million. However, no details over the deal price were revealed.

Imak CEE, operating in Hungary and Poland, has a portfolio of eleven office and logistics buildings, with a total useful area of 165,000 sq. m. Some 60 per cent of the portfolio is made up of logistics properties.

Immoeast, which has shortly completed a EUR 2.75 billion capital hike, plans a total investment of EUR 5 billion in the fiscal year 2006. The focus will be set on properties in the new European Union (EU) member states.
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