Austrian investment fund Immoeast, the most active player on the domestic real estate market continues its local expansion by involvement in two more real estate projects in Baia Mare and Constanta, as a result of a total investment worth 120 million euros.
"Harborside Hotel is actually a continuation of the Trident Plaza project, which will also include other retail spaces, parking spots and a three or four star hotel with 160-180 rooms. The investment stands at about 50 million euros," Andrew Stear, manager of RED Management Capital, the developer of the project, told ZF.
Immoeast has taken over 75 percent in the Harborside Hotel and Red Project Two, and will buy the rest when the projects are completed.
Red Project Two is the company that bought the Maratex factory in Baia Mare, on the site of which a project comprising retail and office space, as well as homes will be developed. This project entails an investment of approximately 70 million euros. The acquisition price of the land was approximately 16 million euros.
Construction works on the Trident Plaza complex began this spring. The complex is under development by RED in Constanta and was 75 percent bought by Immoeast, last autumn. The total value of the transaction amounted to 100 million euros.
The two acquisitions are not the only properties that Immoeast has in Constanta and Baia Mare, considering the Austrians also bought the Polus Center project in Constanta and the Gold Plaza shopping centre in Baia Mare. The cumulated value of the transactions exceeded 280 million euros.
Immoeast is now engaged in an aggressive acquisition campaign, looking for both completed properties but especially for projects in their early stages of development. Other usual partners for Immoeast's investments are the developers of the Euromall shopping centres, from which the Austrians bought their first two projects in Galati and Pitesti, for a cumulated amount of more than 150 million euros.
At the same time, the acquisitions of the Polus Center projects in Cluj Napoca (210 million euros) and in Constanta (185 million euros), developed by TriGranit company, are the biggest transactions on the Romanian real estate market. The Austrians have also announced they will develop a logistic network in partnership with European Future Group, which is set to entail approximately 300 million-euro investments.
Immoeast has a portfolio of more than 100 properties in Romania, with a lettable area of 3.4 million square metres. The properties are either completed or in various stages of development. RED, a company controlled by the Warburg Pincus and GED Capital Partners investment funds is among the most active developers on the domestic market.
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