Austrian property company Immoeast is continuing its expansion in the Romanian retail property sector having raised EUR 2.8 bn in a capital increase last month to finance a EUR 6 bn investment programme in Central and Eastern Europe. The company's latest investment was the acquisition of the Euromall shopping centre in the industrial city of Pitesti for EUR 87 mln. The fully-let asset has 120 retail units covering a total usable area of 32,000 m[sup]2[/sup]. It is the only shopping centre in the region which conforms to modern standards, Immoeast said.
Austrian property company Immoeast is continuing its expansion in the Romanian retail property sector having raised EUR 2.8 bn in a capital increase last month to finance a EUR 6 bn investment programme in Central and Eastern Europe. The company's latest investment was the acquisition of the Euromall shopping centre in the industrial city of Pitesti for EUR 87 mln. The fully-let asset has 120 retail units covering a total usable area of 32,000 m2. It is the only shopping centre in the region which conforms to modern standards, Immoeast said.
Over the last few months, Immoeast acquired shopping centres projects in Constanta, Cluj (Klausenburg), Sibiu (Hermannstadt), Craiova and Baia Mare (Frauenburg). The Gold Plaza in Baia Mare will provide 43,000 m2 of useable space for an investment volume of EUR 97 mln.
In all, Immoeast has 44 retail properties and projects, totalling 900,000 m2, in Romania. The company has a total portfolio in the country of 113 assets, comprising 3.8 million m2.
Immoeast announced in early June that it is to build up to 10 logistics centres in Romania in cooperation with developer European Future Group. The total investment volume will be EUR 300 mln. An international logistics company is in talks with Immoeast about becoming the anchor tenant at all the centres that will provide up to 500,000 m2 of lettable area.
