Austrian investment fund Immoeast, the real estate investor withthe highest exposure to the local market, where it owns assetsworth almost one billion euros, has bought 85% in the Polus Centermall project for one euro plus the about 40 million-euro debt ofthe developer.
The mall, whose lettable area should reach 50,000 square metres isstill under construction and will most likely be completed in thefirst half of next year. Immoeast took over the mall fromTriGranit, controlled by Sandor Demjan, one of the richestbusinessmen in Hungary, who also sold the Austrians the PolusCenter project in Cluj for 210 million euros.
"Immoeast took over the project in Constanta entirely for oneeuro," real estate market sources told ZF. The Austrians had acontract in place to buy the mall since 2007, and the initiallynegotiated price was 185 million euros for the complete takeover ofthe mall upon completion.
The Austrians, however, decided to take over Tripont Investcompany, which was in charge of the development of the project, sothat they would only pay the cost of the construction work so far.The initial agreement would have seen TriGranit make approximately50 million euros in profit from the project, whose constructioncost was put at 140 million euros.
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