The market value of Immoeast's properties has reached 3.47bn euros, up 7.1% against the previous fiscal year.
The Austrian investment fund, which has properties that cover 2.5 million square metres in Romania, generated revenues worth 57.8m euros from the leasing of finished buildings during the fiscal year that ended in April, up 153% compared with the last fiscal year, according to the company's annual report. In late April, Immoeast's domestic portfolio included 132 properties, with a market value put at 3.47bn euros, a volume that makes the Austrian firm the biggest real estate investor in Romania.
In the fiscal year ending in April, the Romanian market attracted 58% of Immoeast's total investments, namely 727m euros, whilst the most important investments included the projects developed by RED Management Capital in Arad, Baia Mare and Constanta. Moreover, the company acquired S-Park business park and started to expand the Iride Business Park project in Pipera, which it purchased several years ago.
The company boasts several records on the Romanian market, such as the biggest deal with a shopping centre, after it paid 210m euros for Polus Center mall developed by TriGranit in Cluj, and is also the biggest foreign owner of shopping centres and the biggest office owner in Bucharest.
Still, the company has scaled back its operations this year amid a general slump on the real estate market.
Deals Immoeast has sealed this year include the purchase, in April, of a 50% stake in Israeli Caterata development firm, which plans to develop around 4,500 housing units in several countries, in the wake of 600m-euro investments. Romania is the main target of the Israeli group.
Another investment operated this year has been the capital injection in Adama real estate development firm, where Immoeast has come to hold 33.85%, with shareholders that include Lehman Brothers and Morgan Stanley.
The portfolio Immoeast is developing domestically includes projects located in Baia Mare, Constanta, Ploiesti, Oradea, Iasi, Suceava and Timisoara. Immoeast's entire portfolio includes 497 properties in 15 countries, with a market value worth 10.9bn euros.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
