Immoeast to spend 1.5bn euros in Romania

Immoeast, the most active investment fund in Romania, will invest 1.5 billion euros on the Romanian real estate market within the next two years. “The volume of Immoeast investments in Romania could reach 25% of the total 6 billion-euro investment programme started on January 1, 2007. Over the coming period, the focus of investments will shift from Central and Eastern Europe to South-Eastern Europe and implicitly to Romania, the largest market in the area,” Hubert Ralph Griessnig, representative of Constantia Privatbank, the bank that provides funding for investments of the Immoeast group, told ZF. Immoeast currently operates projects covering 2.1 million square metres, among the most important being S-Park, Iride Business Park, Polus Center in Cluj, and Polus Center in Constanta. “Over the next few years, Immoeast intends to develop a regional network of shopping centres in countries that have recently joined the European Union, such as Romania. The retail sector is currently very profitable due to higher standards of living and to the constant increase in consumption,” explained Griessnig.