Austrians at Immoeast have allocated 10 million euros for theRomanian market by fully taking over the Euromall project inGalati, after buying 75% in Union Investitii, controlled bybusinessmen Moshe Turgeman and Tomer Barhom.
What stage is the bought project in?
"At present we are working on fully closing the construction inorder to protect it from bad weather and on connecting it toutilities. We are also in the process of identifying financingopportunities to carry the project through to completion. From thatmoment on, in 9-11 months' time Euromall Galati will be deliveredto the public," say Euromall representatives who did not wish toprovide information on the value of the transaction.
However, sources from the real estate market say it amounted toaround 10 million euros, with Immoeast to pay an additional fivemillion euros at the most if certain financial parameters are metwhen the mall opens.
Before this transaction, Union Investitii was controlled by asubsidiary of Immoeast (25%), and by Loxiten (37.5%), Slagon Invest(34.5%) and N.D.R. Holding (3%), according to Trade Registrydata.
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