Rosenmayr: Immoeast is negotiating the sale of some projects in Romania

“I cannot name the projects involved in the negotiations in Romania, but what I can say is that we are involved in a vast portfolio optimization process, which includes the sale of certain assets in Romania. Main targets are projects whose development has not yet begun. We will try to keep finalized housing units in our portfolio for a while longer,” Edgar Rosenmayr, member of the Board of Directors of Immoeast, told Business Standard.

The Austrian fund is presently discussing the cancellation of some projects which would require total investments worth €1.147 billion, according to the company’s financial report for the first nine months of the 2008-2009 fiscal year, which ended on 31 January. As a result of a 50 percent cut in the number of projects which are now on hold, Immoeast’s financing needs plunged by €2.434 bln.