Crisis upsets initial sale plan for Polus Center Constanta

Austria’s Immoeast investment fund, the most powerful investor on the Romanian real estate market, has entirely taken over the project of Polus Center mall of Constanta for 1 euro, also assuming the around 40m-euro debts of the firm that handled the project. Polus Center Constanta was developed by Hungary’s TriGranit company through Tripont Invest company, and the two companies had reached an agreement as early as March 2007 for the sale of the mall for 185m euros on completion. The deal was due to be carried out gradually, with the progression of construction works, but the current crisis has completely upset investors’ positions and adjusted prices. “The deal has been signed recently and the paid price was a symbolic one, of 1 euro, with Immoeast set to take over the around 40m-euro debts of the developer,” real estate market sources told ZF. The biggest share of Tripont’s debts is represented by a 38m-euro loan taken out from OTP Bank Hungary for construction works. Immoeast already held a 15% stake in the Constanta project, which will have as a main anchor an Auchan hypermarket.