Immoeast invests 130m euros in greenfield project

The lack of completed projects has prompted Austrian fund Immoeast, the biggest investor on the local real estate market, to start building two complexes from scratch, with a cumulated value of approximately 130m euros. Immoeast, a division of the biggest Austrian real estate fund – Immofinanz, which handles operations in Central and Eastern Europe, announced last week it would invest 130m euros in the Jandarmeriei Office and Jandarmeriei Residential projects. The group is considered to have been the most important buyer of real estate projects in the last three years. “Office projects in Romania are among our key investments,” stated Karl Petrikovics, chairman of Immoeast’s Board of Directors. The Austrians made their entry onto the market in 2004, when they bought Iride Business Park for 63m euros. Iride was started by Italian-held BPD Property Development and the EBRD. In 1999, the Romanian Post-Privatisation Fund, managed by GED Capital Development, as well as Italian financial institution Finest, became partners in this business.