Austrians at Immoeast have allocated 10 million euros for the Romanian market by fully taking over the Euromall project in Galati, after buying 75% in Union Investitii, controlled by businessmen Moshe Turgeman and Tomer Barhom.
What stage is the bought project in?
"At present we are working on fully closing the construction in order to protect it from bad weather and on connecting it to utilities. We are also in the process of identifying financing opportunities to carry the project through to completion. From that moment on, in 9-11 months' time Euromall Galati will be delivered to the public," say Euromall representatives who did not wish to provide information on the value of the transaction.
However, sources from the real estate market say it amounted to around 10 million euros, with Immoeast to pay an additional five million euros at the most if certain financial parameters are met when the mall opens.
Before this transaction, Union Investitii was controlled by a subsidiary of Immoeast (25%), and by Loxiten (37.5%), Slagon Invest (34.5%) and N.D.R. Holding (3%), according to Trade Registry data.
Austrians at Immoeast have allocated 10 million euros for the Romanian market by fully taking over the Euromall project in Galati, after buying 75% in Union Investitii, controlled by businessmen Moshe Turgeman and Tomer Barhom.
What stage is the bought project in?
"At present we are working on fully closing the construction in order to protect it from bad weather and on connecting it to utilities. We are also in the process of identifying financing opportunities to carry the project through to completion. From that moment on, in 9-11 months' time Euromall Galati will be delivered to the public," say Euromall representatives who did not wish to provide information on the value of the transaction.
However, sources from
