Immoeast will not sell at undervalued prices

Representatives of the Austrian investment fund Immoeast, the most active buyer of real estate property on the local market, with a portfolio of 3.3 billion euros, say they will not sell properties in their portfolio, given that the market is undervalued at present. After conducting an extremely aggressive acquisition campaign in 2006 and 2007, the company has this year started to sell some of its properties on markets such as the office building markets in Prague and Warsaw. Despite having the biggest exposure on the local market, over 30% of its overall portfolio, according to the financial report valid for the end of January, the company has not sold any property in Romania.