Edgar Rosenmayr has resigned from the board of investment fund Immoeast, on which he has sat since 2008, and will leave his position with the fund at the end of April this year, when his mandate expires, the fund has announced. Rosenmayr is currently responsible for development projects and the Russian market.
“In 2009, he led the negotiations for the rapid and consistent reduction of the extensive development pipeline and thus contributed significantly to the Immofinanz group’s successful management of its liquidity crisis. Dr. Rosenmayr will supervise ongoing projects in his area of responsibility until the end of the year,” the fund announced. In his role as investment director, Rosenmayr was in charge of Immoeast’s deals in Romania.
The investment fund is among the biggest owners of real estate assets in the country, with projects such as Polus Cluj, Armonia Arad and Euromall Pitesti on the retail segment, and S-Park, Victoria Park, and Iride Business Park among its office projects.
Rosenmayr is not the only member of the Immoeast team which started the Romanian expansion several years ago to have resigned. The former CEO, Karl Petrikovics, also parted ways with the fund in 2008. Meanwhile, Immoeast has undergone financial restructuring and a reorganization of assets, following operational losses.
After Rosenmayr’s departure, the fund’s board will consist of CEO Eduard Zehetner and board members Daniel Riedl, Manfred Wiltschnigg and Michael Wurzinger.