Austrian investment fund Immofinanz will start a real estate project worth more than EUR 100 million in RomaniaAustrian investment fund Immofinanz will start a real estate project worth more than EUR 100 million in Romania. The company is the biggest foreign investor on the Romanian real estate market and has invested more than EUR 130 million on office projects.
The new project will be its first one in the retail segment. Immoeast, the companys division that handles Central and Eastern European operations, will start a project that includes a mall exceeding 30,000 square metres, 14,000 square metres of office space and a hotel close to the Constanta harbour (in Eastern Romania, the countrys main port) this year.
Immoeast bought 75 per cent in Constanta-based real estate company Harborside Imobiliara in the first half of 2005. According to market sources, a company owned by the manager of Harborside Imobiliara will also take part in the project.
Several other major retail projects are being developed in Constanta, like the Tom shopping complex and the City Park shopping complex, built by the Neocity group.
The Austrians officially entered the market in 2004, when they bought the Iride Business Park for EUR 63 million. Since then, it has acquired several other major projects in Bucharest, such as Bucharest Corporate Center (BCC), Baneasa Airport Tower, Otopeni Logistics project, Jandarmeriei Office and Jandarmeriei Residential.
Immoeast AG was founded in 1999 as a subsidiary of Immofinanz to manage the parent companys activities in Central Europe.
The company is now present in Hungary, the Czech Republic, Poland, Romania, Slovakia, Bulgaria, Estonia and Russia. The Immoeast property portfolio includes 146 objects with 2.3 Mio. sqm of usable space. The portfolio covers all sectors of the property market– from offices, commercial space, garages, logistics facilities and apartments to hotels – which makes Immoeast independent of developments on individual markets.