Austrian property group Immoeast has delayed delivery by at least a year of 10 shopping malls in Romania with a leasable area of 350,000 m2, Romanian business daily Ziarul Financiar reported, quoting partners in the projects. The postponement is due to the collapse of the real estate market in Romania stemming from the credit crunch and a lack of demand from retailers, the partners told the newspaper.
Austrian property group Immoeast has delayed delivery by at least a year of 10 shopping malls in Romania with a leasable area of 350,000 m2, Romanian business daily Ziarul Financiar reported, quoting partners in the projects. The postponement is due to the collapse of the real estate market in Romania stemming from the credit crunch and a lack of demand from retailers, the partners told the newspaper.
Under the company’s initial plans, shopping centres including West Gate Craiova, Gold Plaza Baia Mare, Euromall Galati, and Polus Center Constanta totalling about EUR 500 mln were scheduled for completion in 2008 or 2009.
Immoeast owns three malls in Romania: Euromall Pitesti, Polus Center Cluj, and Armonia Center din Arad.
The company currently holds direct investments in Romania, the Czech Republic, Russia, Poland, Hungary, Slovakia, Bulgaria, Ukraine, Bosnia, Croatia, Serbia and Slovenia. It has a portfolio of 219 properties and development projects totalling 4.30 million m2 of usable space.
