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Immoeast, S+B Gruppe to invest 220 million euros in Sibiu

Austrian Immoeast investment fund, the most significant real estate asset owners in Romania, and Austrian S+B Gruppe company have announced they will be carrying out a mixed real estate development in the central city of Sibiu, on an investment worth 220 million euros.

The Sibiu project is planned to include a shopping centre, office buildings and residential housing and to be carried out in three stages. The first stage will be the construction of the Sibiu City Center shopping mall, which will cover 38,000 sq.m. of rentable spaces and require investments of some 120 million euros. Construction works on the mall are expected to start in the spring of 2009 and complete in 2010. The two business partners will carry out the investment project trough a joint venture, S+B CEE, in which they are equal holders. Works are already underway on other S+B Gruppe projects in Bucharest City, including the Pipera Business Tower, an office building of 11,500 sq.m. Besides the Bucharest projects, the company is also carrying out investment projects in the cities of Arad, Targu Mures, Sibiu, Oradea and Satu Mare. Immoeast has already carried through three projects for the construction of shopping centres: Euromall of Pitesti, Polus Center of Cluj and Armonia of Arad, while more projects have reached various stages of completion: West Gate of Craiova, Gold Plaza of Baia Mare, polus Center of Constnta, Euromall of Galati and Radius of Baia Mare. This is the third shopping mall project unveiled for Sibiu, after the projects of Immo International investment fund and Irish Mivan real estate company. Sursa: http://www.rompress.ro

Tags: sibiu investment projects euros gruppe million immoeast

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