500m-euro Immoeast mall openings postponed by at least 1 year

Austrian investment fund Immoeast will remain with only three shopping centres in its ownership this year on the Romanian market, after deadlines for the other ten projects have been extended by at least one year because of the fall of the real estate market and to the lack of demand from retailers. According to original plans, the West Gate Craiova, Gold Plaza Baia Mare, Euromall Galati and Polus Center Constanta projects, which entail investments worth around 500 million euros, were supposed to be opened this year or even in 2008. Immoeast representatives could not be contacted by the time this issue was ready for print, but the information has been confirmed by companies that develop these projects.