Austria’s Immoeast Plans To Sell Romanian Assets – Bloomberg

“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.

“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)