“The downfall of the real estate market can please only NGOs [non-governmental organization], that attempted to block the development of such investments, invoking the disappearance of green spaces,” the Mayor of Constanta, Radu Mazare, told Business Standard.

Immoeast acquired Polus Constanta for $185 million, after purchasing Polus Center in Cluj-Napoca, developed by TriGranit, for €210 mln. The 1 August-31 October 2008 report indicates that Immoeast’s portfolio in Romania includes 80 properties, with a rentable surface of over two million square meters, and an estimated value of €1 billion.