Immoeast buys out participation in local projects from partner Eyemaxx

Eyemaxx has announced plans for a network of logistic centers under the Log Center brand in Sibiu and Brasov too. It had also announced plans to build a shopping mall in Targu Jiu, the 23,300 sqm Jiu Mall, to be finalized in 2011, according to the company.
Contacted by Business Review, Eyemaxx would not offer further details on its updated plans in Romania.
Immoeast had previously sold its participation in seven projects locally to its partner S+B Gruppe, and bought European Future Group's shares in four other projects.
Immoeast started to sell some of its assets across the region, and reported at the end of last year a portfolio of 80 projects in Romania worth some EUR 1 billion, compared to 135 properties of EUR 3.4 billion in total mid last year. Regionally, Immoeast canceled 51 projects and delayed 29. The fund, listed on the Vienna and Warsaw stock exchanges, saw its share value drop by as much as 90 percent last year. The Austrian investment fund was one of the most active buyers on the Romanian market in 2006 and 2007. The fund owns properties such as Polus Center Cluj, S-Park, Euromall Pitesti, Gold Plaza, Victoria Park and Armonia Arad, among others.
Corina Saceanu