Immoeast, the most active real estate investment fund on the domestic market is in advanced talks to purchase the Euromall Pitesti shopping complex. According to sources on the real estate market, the deal is valued at around 90 million euros.
"There are indeed talks for the takeover of this project, but nothing has been signed, as yet," Moshe Turgeman, one of the three shareholders involved in the development of the Euromall shopping centre network told ZIARUL FINANCIAR.
The Euromall shopping centre, which opened yesterday in Pitesti, has a total surface area of 32,000 square metres and includes more than 100 stores.
"There are also talks for the takeover of this mall, but negotiations may take around two or three weeks," said Gunther Bukor, managing director of Immoeast.
Both Turgeman and the Immoeast representative would not make any further comments on the deal. The yield of the Austrians' investment is approximately 7%, according to sources on the real estate market.
Euromall Pitesti is a three-level building, with total investments exceeding 40 million euros, which means developers could make a 100% profit from the sale.
The mall includes a supermarket, with an area of 2,600 square metres, six cinemas, with more than 1,400 seats and an exterior car park, with more than 700 parking spaces.
The tenants of the new mall include the clothing retailers Terranova, Cavaliere, B&B Collection and Bigotti, as well as the fast-food chains Springtime and KFC.
The developers of the Euromall shopping centres, who will be carrying out similar projects in Galati, Ploiesti and Craiova, are taking on other segments of the real estate market by launching residential projects and office developments.
"We will erect an office building in Ploiesti with a lettable area of more than 10,000 square metres, in an investment valued at approximately 18-20 million euros. We have already acquired the land. We are also checking available office space market in Bucharest," Turgeman added.
Immoeast bought the second Euromall, currently under development in Galati, in a forward purchase deal (payment and ownership transfers are made as the construction works progress). The total value of the transaction exceeds 60 million euros. Immoeast now holds 25% of the Union Investitii company that is developing the project.
The third project developed by Israeli and French investors, wherein the Austrians at Immoeast are involved is a residential complex in the Baneasa area in Bucharest, which will comprise approximately 1,000 flats.
The value of the investment is approximately 100 million euros, and the land acquisition price was about 30 million euros.
Immoeast is the most aggressive player on the domestic real estate market and one of the most important real estate investment funds in Europe. At present, in Romania, Immoeast is involved in more than 40 projects totalling approximately 1.5 billion euros.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
