Immoeast Buys 450 Mln. Euro Moscow Project

Austrian real estate developer Immoeast Immobilien Anlagen said it signed a deal to buy the GoodZone shopping mall development project in Moscow, one of the biggest in the booming Russian capital.

Immoeast said it agreed to buy a 75 percent stake in the project now and would purchase the remaining 25 percent upon completion of the mall in November 2008. The total investment volume would be 450 million euros ($606 million), it said.

The GoodZone mall will have 146,000 square metres (1.572 million sq ft) of rentable space for around 180 shops, restaurants and service companies. Immoeast said it was in advanced talks with numerous potential tenants.

Immoeast, one of the biggest developers in central and eastern Europe, sold 3 billion euros of new shares in May, shortly before the real estate sector was hit by rate fears and shares throughout Europe fell.

The stock is trading almost 50 percent below its all-time high of 12.45 euros reached in January, closing at 8.15 euros on Tuesday, the last trading day on the Vienna stock exchange.

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