Immoeast: revenues worth 58m euros from rents on domestic market

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Austrian Investment fund Immoeast with assets worth 2.5 million square metres on the local market reported in the fiscal year that ended in April revenues worth 57.8 million euros from the exploitation of finalized buildings, up 153% as against the fiscal year 2006-2007, according to the company's annual report.
At the end of April, Immoeast's portfolio on the local market included 132 assets, whose market value was appraised at 3.47 billion euros. Therefore, the Austrian company may be considered the biggest investor in the real estate sector.
 
In the fiscal year that ended in April, the Romanian market drew 58% of the fund's overall investments, respectively 727 million euros, with the most important acquisitions being the projects developed by RED Management capital in Arad (western Romania), Baia-Mare (north-west) and Constanta (south-east). Besides, the fund purchased a business park in northern Bucharest and has started the expansion of a similar project in Bucharest. Immoeast's portfolio, which is developing on the domestic market, includes projects pertaining to localities from all the areas of the country.
 
The company is the biggest foreign owner of commercial centres, and the biggest owner of offices in Bucharest. The company holds several records on the Romanian market, for instance the biggest deal with a commercial center, after paying 210 million euros for Polus Center mall developed by the TriGranit company in Cluj-Napoca (center Romania). However, the company's representatives reduced their activity this year, allowing for the general decrease in the real estate market, daily Ziarul Financiar reports.
 
Among the transactions concluded by the fund in 2008 is the acquisition in April of a share of 50% in the Israeli development company Caterata, which plans to develop some 4,500 homes in several countries following an about 600-million-euro investment. Romania is the main target of the Israeli group. Another investment made in 2008 was the capital inflow in the real estate development company Adama, where Immoeast holds a 33.85% stake.
 
The entire portfolio of Immoeast encompasses 497 assets in 15 countries with an estimate market value of 10.9 billion euros, the company changing the core investments redirecting from office spaces towards retail, logistics and residential sector.
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