Immoeast Acquires Shopping Mall in Moscow for EU450 Million

16 Aug 2007 • by Natalie Aster

Immoeast AG, an Austrian real-estate developer that sold shares in May to fund expansion in eastern Europe and Russia, bought a shopping-mall project in Moscow for about 450 million euros ($604 million), reported The Bloomberg.

The ``GoodZone'' shopping center, which is due to be finished in 2008, will have a total floor space of 146,000 square meters (1.6 million square feet), the Vienna-based company said in an e-mailed statement.

Immoeast owns five shopping malls in Moscow and 17 estates overall in Russia. The company said it already invested 3 billion euros through the end of July out of its 6 billion-euro fund for purchasing real estate in eastern Europe.