Why Immoeast came up with 10m euros for a half-built mall in Galati
Austrians at Immoeast have allocated 10 million euros for the
Romanian market by fully taking over the Euromall project in
Galati, after buying 75% in Union Investitii, controlled by
businessmen Moshe Turgeman and Tomer Barhom.
What stage is the bought project in?
"At present we are working on fully closing the construction in
order to protect it from bad weather and on connecting it to
utilities. We are also in the process of identifying financing
opportunities to carry the project through to completion. From that
moment on, in 9-11 months' time Euromall Galati will be delivered
to the public," say Euromall representatives who did not wish to
provide information on the value of the transaction.
However, sources from the real estate market say it amounted to
around 10 million euros, with Immoeast to pay an additional five
million euros at the most if certain financial parameters are met
when the mall opens.
Before this transaction, Union Investitii was controlled by a
subsidiary of Immoeast (25%), and by Loxiten (37.5%), Slagon Invest
(34.5%) and N.D.R. Holding (3%), according to Trade Registry
data.