Austrian real estate developer Immoeast is planning to sell part of its EUR 750 mln property portfolio in Romania, CEO Eduard Zehetner told news agency Bloomberg. Zehetner said that the company is 'over-invested in certain countries like Romania' and will seek to reduce dependence on that market.
Austrian real estate developer Immoeast is planning to sell part of its EUR 750 mln property portfolio in Romania, CEO Eduard Zehetner told news agency Bloomberg. Zehetner said that the company is 'over-invested in certain countries like Romania' and will seek to reduce dependence on that market.
The CEE property developer has 72 properties in Romania, representing 13% of its overall portfolio. At the end of last year Immoeast announced that it was postponing or cancelling 54 projects with a total market value of EUR 2.4 bn in Romania.
Immoeast's CEO said the company is also considering reducing its exposure to shopping centres in Moscow to increase portfolio diversification.
The Vienna-based developer is expected to open its fifth shopping centre in the Russian capital next year. Immoeast plans to open its Golden Babylon Rostokino shopping centre in Moscow - Europe's largest mall in November – in November.
