Austrian investment fund Immoeast, the leading owner of real estate assets on the domestic market, and S+B Gruppe, also based in Austria, have announced they intend to develop a real estate project in Sibiu following a 220 million-euro investment. The two partners will carry out their investment through a joint venture, S+B CEE, equally held. S+B Gruppe has a number of projects running in Bucharest, which includes Pipera Business Tower, a 11,500 square metre building, according to the company's website. Along with the projects in the capital, the company is also running investments in Arad, Targu-Mures, Sibiu, Oradea and Satu Mare. The project in Sibiu, which will include a shopping complex, office and residential buildings, will be developed in three stages. The first will be the Sibiu City Center mall, with a lettable area of 38,000 square metres, which will require about 120 million euros in investments. The shopping complex will be built on the plot of land that Immoeast bought from Boromir for about 9.4 million euros in 2007. Construction is scheduled to start next spring and be completed in 2010.
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