Austrian listed real estate company Immoeast Immobilien Anlagen AG, a subsidiary of Immofinanz Group, has bought two...Austrian listed real estate company Immoeast Immobilien Anlagen AG, a subsidiary of Immofinanz Group, has bought two shopping centres in Russia with a combined utility area of 60,000 sq metres in its first direct investment on the Russian real estate market, the company said today. No financial details were disclosed.
Immoeast expects the gross return on the investments in the double-digit percent range, CEO Karl Petrikovics said. Both objects are located in Moscow, in the Otradny district, with an area of 38,000 sq metres with 150 shops and twelve restaurants, and in the Yasenovo district with an area of 28,800 sq metres, which will be officially opened in August 2006.
Immoeast has been active in Russia mainly through participation in local real estate companies. The company has a 25.86-per-cent stake in Russian Fleming Family & Partner (FF&P), which owns a portfolio of office and logistics real estate. Immoeast holds 10.9 per cent in local EPH, which specialises in retail real estates.
Immoeast invested more than EUR 600 million in May and June 2006, the first two months of fiscal 2006.