September 22 (SeeNews) - Austrian real estate developer Immoeast plans to dispose of assets in EU member Romania to reduce dependence on that market, Bloomberg reported on Tuesday.
“We are over-invested in certain countries like Romania or shopping centers in Moscow,” Bloomberg quoted Immoeast’s CEO Eduard Zehetner as saying in an interview.
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“We are not forced sellers and we are going to sell to restructure our portfolio into what we want.”
Immoeast had 72 properties and assets totaling 750 million euro ($1.1 billion) as of end-April in Romania, accounting for some 13% of its assets. It is developing three malls with 114,500 square meters of space due to open in the country next year, Bloomberg reported.
The Vienna-based company said in its annual report that no market in the CEE and SEE regions has been hit harder by the crisis than Romania.
Immoeast is a unit of real estate group Immofinanz, in charge of the group's central and eastern European operations.
($ = 0.6803 euro)