Immoeast bought the company from the Precup family who will cash in some EUR 8.5 million in a first phase of the transaction, according to a newswire. The final value of the transaction will be set when the negotiations are finalized.
“We have decided to sell the company which is now fully owned by Immoeast. We are negotiating the sale of the logistics project we have already started. It will cover some 100,000 sqm of logistics spaces and offices,” said Ioan Precup, one of the shareholders in Logistic Contractor. Immoeast will finance the project entirely once the negotiations conclude.
It is the second transaction of this kind between the Precup family and Immoeast. In 2005, Precup sold Bucharest Distribution Park to the same investment fund. The further estimated investment in the logistics park to be covered by Immoeast is EUR 40 million. The first transaction was similar to the second as Immoeast has bought the developing company and afterwards financed all the further development stages.
Immoeast currently controls or is working on 21 real estate projects in Romania, according to reports. Its acquisitions continued this year with Victoria Park, an office building compound developed by Liebrecht & Wood in the Baneasa area. The transaction was worth some EUR 60 million, according to estimates.
At the end of last year, the fund bought the Polus Center Cluj commercial project from TriGranit Holding, for some EUR 210 million. The fund announced it would develop EUR 300 million of projects between 2008 and 2010 in Romania.