Austrian investment fund Immofinanz, the biggest buyer on the domestic real estate market, will enter the retail segment with a project exceeding 100 million euros. It has already spent more than 130 million euros on office projects.

Immoeast, a division of the Austrian's biggest property fund Immofinanz that handles Central and Eastern European operations, could begin construction of a project that includes a mall exceeding 30,000 square metres, 14,000 square metres of office space and a hotel close to the Constanta harbour this year, sources on the real estate market say.

The project is put at approximately 100-120 million euros, the sources add, and will be developed in several phases.

Immoeast bought 75% in Harborside Imobiliara in the first half of 2005, the company that will develop the project, the fund's annual report reveals.

The manager of the Harborside Imobiliara is Brit Andrew Stear, whose portfolio includes Iride Business Park in Bucharest, according to the latest available information. A company held by Christian Hiver, who was involved in beginning and selling the Orhideea shopping complex in the capital city and the Tom shopping complex in Constanta, is also participating to this project. The representatives of the developer had not made any comment by the time the story was ready for print.

Several projects are now in various development stages in Constanta. French Bertrand Catteau, owner of the Orhideea shopping galleries in Bucharest, has recently finished a 40 million euro investment in the Tom shopping complex through his Catinvest company. Also this year, the Neocity group announced it would start work on the City Park shopping complex, a project put at 50 million euros.

Immoeast has been the most aggressive player on the domestic real estate market over the last few years.

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