Vienna-based real estate developer Immoeast has sold its 42% stake in Sofia-based real estate investment trust Prime Property, Bulgarian newspaper Dnevnik reported, citing sources close to the transaction. According to the paper Immoeast has sold its interest in the Bulgarian investment firm to local companies Delta Food and Global Tours.
Vienna-based real estate developer Immoeast has sold its 42% stake in Sofia-based real estate investment trust Prime Property, Bulgarian newspaper Dnevnik reported, citing sources close to the transaction. According to the paper Immoeast has sold its interest in the Bulgarian investment firm to local companies Delta Food and Global Tours.
With a capitalisation of about BGN 56 mln (EUR 28.6 mln), Prime Property is listed on the Bulgarian stock exchange and has a portfolio worth some BGN 72 mln (EUR 37 mln) including office and commercial properties, gated vacation communities and residential buildings.
In September, Immoeast's CEO Eduard Zehetner told news agency Bloomberg that the company was also planning to sell part of its EUR 750 mln property portfolio in Romania, as it was 'over-invested in certain countries like Romania'. Immoeast's CEO added that the company is also considering reducing its exposure to shopping centres in Moscow to increase portfolio diversification.
